Revocation of continuing guarantee by surety’s death The death of the surety operates, in the absence of any contract to the contrary, as a revocation of a continuing guarantee, so far as regards future transactions. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax […]
Revocation of continuing guarantee A continuing guarantee may at any time be revoked by the surety, as to future transactions, by notice to the creditor.Illustrations(a) A, in consideration of B‟s discounting, at A‟s request, bills of exchange for C, guarantees to B, for twelve months, thedue payment of all such bills to the extent of
“Continuing guarantee A guarantee which extends to a series of transactions, is called a “continuing guarantee”.Illustrations(a) A, in consideration that B will employ C in collecting the rent of B‟s zamindari, promises B to be responsible, to theamount of 5,000 rupees, for the due collection and payment by C of those rents. This is a
Overdraft (OD) is a credit facility in which the money can be withdrawn from the current or savings account, even if the account balance is zero or even below. Overdraft facility is a type of extension of the credit limit offered by the banks. The sanctioned limit is said to be ‘overdrawn’. An authorized Overdraft
The Reserve Bank of India (RBI) has allowed foreign direct investment in limited liability partnerships. The LLP Act 2008 allowed foreign nationals and foreign LLPs (Limited Liability Partnerships) to become a partner in LLP but as per the Foreign Exchange Management Act and regulations and rules, foreign investment in LLP was not allowed, therefore it was necessary to
In India, it is mandatory for businesses to have a Tax Deduction Account Number (TAN). This number is issued by the Income Tax Department and is used as a unique identifier for individuals or entities responsible for deducting or collecting Tax at source.It is compulsory to mention the TAN in all TDS returns and on other documents
In order to promote the transparency in awarding of petrol pump license and franchise by Oil Marketing Companies, a new dealer selection process has been formulated. Under the new process, the applicant is first checked against pre-established eligibility criteria. All applicants conforming to the eligibility criteria are selected for the next round, wherein lots are
Not open to the public, the interior of an online dark store may appear like those that are found in a conventional market set out with aisles of shelves that contain groceries and other items for sale. However, they are not located in shopping malls or High Streets but in gritty and grim areas where good road
Contingency planning is a management tool that involves all parts of an organization. It can help ensure timely and effective humanitarian aid to those who need it most. Making a contingency plan involves making various decisions as an organization before an emergency happens. These decisions range from how to manage human and financial resources, how to best coordinate internally and with
Surety’s liability The liability of the surety is co- extensive with that of the principal debtor, unless it is otherwise provided by the contract.IllustrationA guarantees to B the payment of a bill of exchange by C, the acceptor. The bill is dishonoured by C. A is liable, not onlyfor the amount of the bill, but
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