The Income Tax Department has launched its new e-filing portal on 7th June 2021 to make the routine income tax return (ITR) filing process easier and hassle-free. This is another initiative by the Central Board of Direct Taxes (CBDT) towards providing ease of compliance to its taxpayers and other stakeholders. This new e-filing Portal has various advantages that […]
Compliance with regulations governing the handling, storage, and transportation of explosives and gas cylinders is of paramount importance to ensure the safety of individuals, property, and the environment. In India, two significant pieces of legislation that regulate these aspects are The Explosives Act, 1884, and The Gas Cylinder Rules, 2016. These laws have been enacted
Profit After Tax refers to the amount that remains after a company has paid off all of its operating and non-operating expenses, other liabilities and taxes. This profit is what is distributed by the entity to its shareholders as dividends or is kept as retained earnings in reserves. What Is an After-Tax Profit Margin? Profit After Tax is an
Release of one co-surety does not discharge others Where there are co-sureties, a release by the creditor of one of them does not discharge the others; neither does it free the surety so released from his responsibility to the other sureties Practice area’s of B K Goyal & Co LLP Income Tax Return Filing |
Creditor’s forbearance to sue does not discharge surety Mere forbearance on the part of the creditor to sue the principal debtor or to enforce any other remedy against him does not, in the absenceof any provision in the guarantee to the contrary, discharge the surety.IllustrationB owes to C a debt guaranteed by A. The debt
Surety not discharged when agreement made with third person to give time to principal debto Where a contract to give time to the principal debtor is made by the creditor with a thirdperson, and not with the principal debtor, the surety is not discharged.IllustrationC, the holder of an overdue bill of exchange drawn by A
Discharge of surety when creditor compounds with, gives time to, or agrees not to sue, principal debtor A contract between the creditor and the principal debtor, by which the creditor makesa composition with, or promises to give time to, or not to sue, the principal debtor, discharges the surety,unless the surety assents to such contract.
Discharge of surety by release or discharge of principal debtor The surety is discharged by any contract between the creditor and the principal debtor, by which the principal debtor is released, or by any act or omission of the creditor, the legal consequence of which is the discharge of the principaldebtor.Illustrations(a) A gives a guarantee
Discharge of surety by variance in terms of contract Any variance, made without the surety‟s consent, in the terms of the contract between the principal [debtor] and the creditor, discharges the surety as to transactions subsequent to the variance.Illustrations(a) A becomes surety to C for B‟s conduct as a manager in C‟s bank. Afterwards, B
Liability of two persons, primarily liable, not affected by arrangement between them that one shall be surety on other’s default Where two persons contract with a third person to undertake a certain liability, and also contract with each other that one of them shall be liable only on the default of the other, the third
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