LAW DECODED

TDS means Tax deducted at Source. It is the amount withheld from payment of various kinds such as salary, contract payment, commission, etc. This withheld amount can be adjusted against your tax due.

Section 464 of Companies Act, 2013 defines  that no association or partnership consisting of more than 50 persons  [fixed vide rule 10 of Misc Rules 2017] shall be formed to carry on any business for gains unless it is registered under the companies Act 2013.

Slump sale means the transfer of one or more business undertakings as a result of sale for consideration without assigning values to individual assets and liabilities.

Meaning : It is main or principal documents or charter document which Regulates the relationship with the outside world.  Purpose :  1. It lays down the power of the company.  2. It is public document and is open for inspection.  Clause :  1. The Name Clause: Should not be undesirable in the opinion of the CG  2. The Registered office clause:  3. Objects Clause: Main object | any matter considered necessary in furtherance thereof|  4. The Liability Clause.  5. The Capital Clause  6. The Subscription Clause: Signatories to the MOA.

Related Party definition is codified in Accounting Standard and Companies Act, 2013 but both definitions have different purposes because, under the Companies Act, Board or Shareholder approval when the respective provisions are triggered and reporting of the same in AOC-2 whereas there is no such approval required under the Accounting Standard. Definition under section 2(76) of the Companies Act, 2013 : "Related party" with reference to a company means:- (i) a director or his wife; (ii) a key managerial personnel or his relative; (iii) a firm, in which a director, manager or his relative is a partner; (iv) a private company in which a director or manager [or his relative] is a member or director; (v) a public company in which a director or manager is a director [and holds] along with his relative, more than 2% of its paid-up share capital (vi) any body corporate whose Board of directors, managing director, or manager is accustomed to act in accordance

This is an expression you must have seen in many laws. Section 188 of the Companies Act, 2013 uses this expression. Ordinary course of business means what the company normally does or its core business activity. According to the Black's Law Dictionary, it means the normal routine in managing trade or business.  Usually, few professionals are of the view that whatever mentioned in Object clause of the Memorandum of Association ( MOA ) is company's ordinary course of business  but this is not the correct view because a company usually mentions all sort of activities but that does not mean that company shall resort to all such activities.

As per section 3 of Transfer of Property Act, “ Actionable claim ” means a claim to any debt, other than that secured by mortgage of immovable property or by hypothecation and pledge of movable property or to any beneficial interest in movable property not in position, either actual or constructive, of the claimant, which the Civil court recognized as an affording ground for relief, whether debts or beneficial interest be existent, acquiring, conditional or contingent. Followings are a few examples of Actionable Claim: Right to recover insurance policy A claim for an arrear of rent Sale to Lottery tickets Why is it important to understand the actionable claims under GST? Actionable claims are considered as goods under the GST act. As per section 2(52)  of CGST Act, “goods” means every kind of movable property other than money and securities but includes actionable claim , growing crops, grass, and things attached to or forming part of the land which are agree