LAW DECODED

In praesenti : at the present time. At loggerheads (phrase) : In dispute. Sine qua non : An essential condition anterior : Earlier in time De jure : In accordance with law De Facto : That is true in fact Noscitur a sociis (Latin) : the meaning of a word may be known from accompanying words. Under the doctrine of noscitur a sociis, the meaning of questionable words or phrases in a statute may be ascertained by reference to the meaning of words or phrases associated with it. Ipso-facto : By the very fact Lis pendens : a pending legal action. Jus ad prem: a right to a thing. It is personal right to possession of property that usually arises from contractual obligation such as lease Jus in rem : a right enforceable against anyone interfering with that right founded on some specific relationship , status, or particular property.

1. Is there any connection between section 89(Declaration in Respect of Beneficial Interest in any Share) and 90 of the Companies Act, 2013? First of all, we have to understand the purpose of sections 89 and 90. Section 89 : Section 89 comes into picture when Legal owner and Beneficial owner are different.  For example, XYZ Ltd wants to incorporate ABC Ltd, a wholly-owned subsidiary ( WOS ) company. In this case, to incorporate ABC Ltd. we need 7 members ( to incorporate a public company in India, at least 7 members are required ). Since ABC Ltd going to be WOS, then total shareholdings must be with XYZ Ltd. To solve this situation, XYZ Ltd. may nominate 6 individuals who shall be just legal owners (whose name just recorded in the register of members) to comply with the requirement to have 7 members (including XYZ Ltd) whereas beneficial owners shall be XYZ Ltd. Compliance : In the above case to fulfill the compliance part, 6 individuals so nominated above will file a de

Section 31(i) under SARFAESI Act : Such provision is intended to protect agriculture land held for agriculture purpose by agriculturist from extraordinary provisions of this Act, which provide for enforcement of security interest without intervention of the court. It simply means that the creditor can not enforce any security interest created in his favor without the intervention of the court or Tribunal if such security interest is created in the Agriculture land.  It was argued that the Central Government can not legislate on the suject of the Land because it comes under List II, but this Court suggested to go for entry 45 of the List I and mentioned the following case laws: In A.S. Krishna and Ors. v. The State of Madras41 this Court observed  as follows:- “It would be quite an erroneous approach to the  question to view such a statute not  as an organic  whole, but as a mere collection of sections, then  disintegrate it into parts, examine under what heads  of leg

FORM 27D Step1.                Bill received or payment to be made. Step2.                Send bill to CA. Step3.                CA will issue certificate in form 15CB mentioning rate of TDS. Step4.                On the basis of 15CB fill online 15CA. Step5.                Submit both 15CA/15CB to bank. Step6.                Bank makes payment Few important points keep in mind before deducting TDS: ü   Whether the income of foreigner is taxable in India , if answer is No, then no need to deduct TDS, just file form 15CA on income tax site To judge whether the Income is Taxable in India, one has to check the following things: ü   Section 9 of Income Tax Act 1961 ü   DTAA between India & foreign country PAN: Ordinarily in terms of Section 206AA of the IT Act, if a person entitled to receive any income on which withholding tax is deductible does not furnish a Permanent Account Number ("PAN") to the person responsible for deducting such ta

FAQs issued by MCA:  Link Date of filing for the FY 2018-19 has been extended from 31.08.2018 to 15.09.2018.

1. CONTRA : Under this head, those entries are recorded, which involves bank and cash or two different banks. For example Cash deposit in the bank. 2.PAYMENT : Under this head, those entries are recorded, where we have to make payments whether in cash or through a bank. For example: pay 2000 through NEFT or cheque or RTGS or cash. 3.RECEIPTS : Under this head, those entries are recorded, where we have received cash or cheque from our debtors or any other transaction such as bank loan. Sometimes, a receipt can be in the form of Advance received   in this case you must record this transaction under advance received tab. This is important when you are entering transaction under GST regime because, under GST law, there is tax liability even on advance received. Otherwise, you can not see this functionality if you have not configured " Tax liability on Advance Received "  4.SALES : Under this head, those entries are recorded, where you sell products or se

NOTICE There have to be 7 days advance notice. Proof of Notice must be kept safe. There shall be a number system and must be assigned to each meeting. MINUTES Minutes have to be numbered consecutively. Minutes must be recorded within one month of the meeting.