A company acquires the Dormant Company status when the Registrar approves an application in Form MSC-1 of Companies. There are several reasons why a company seeks dormant status. Please refer to our detailed discussion on the procedure to convert an active company as a dormant company; click here. A company can remain dormant only for […]
The term “Income tax” collected by the Income Tax Department of India. Professional tax is similar to income tax, but unlike income tax, it is collected by the state government. Professional tax deducts from the employee’s salary income or applies to the income of professionals and businesses for their trade and profession. Many employees may
The term “real-time gross settlement (RTGS)” refers to a funds transfer system that allows for the instantaneous transfer of money and/or securities. RTGS is the continuous process of settling payments on an individual order basis without netting debits with credits across the books of a central bank. Once completed, real-time gross settlement payments are final and irrevocable. In most
A moratorium period is a period during which the borrower is not obligated to make payments. In other words, during a moratorium period, the borrower is permitted to halt their payments. It is commonly incorporated in home loans – called an equated monthly installments holiday – and educational loans. Understanding a Moratorium Period A moratorium
Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore*. a tax-paying mechanism offered to the country’s small businesses
A “non-resident taxable person” refers to an individual who occasionally conducts transactions involving the sale of goods or provision of services, either as an agent or as a principal or in any other capacity, but lacks a permanent business or residence location in India.” Any person who is a resident of India will obtain regular
Grant of patent to true and first inventor where it has been obtained by another in fraud of him (1) Where the patent has been revoked under section 64 on the ground that thepatent was obtained wrongfully and in contravention of the rights of the petitioner or anyperson under or through whom he claims, or,
Power of Controller to give directions to co-owners. (1) Where two or more persons areregistered as grantee or proprietor of a patent, the Controller may, upon application madeto him in the prescribed manner by any of those persons, give such directions in accordancewith the application as to the sale or lease of the patent or
Rights of co-owners of patents (1) Where a patent is granted to two or more persons,each of those persons shall, unless an agreement to the contrary is in force, be entitled toan equal undivided share in the patent.(2) Subject to the provisions contained in this section and in section 51, where two or morepersons are
Patent rights not infringed when used on foreign vessels etc., temporarily or accidentally in India —(1) Where a vessel or aircraft registered in a foreign country or a land vehicleowned by a person ordinarily resident in such country comes into India (including theterritorial waters thereof) temporarily or accidentally only, the rights conferred by a patentfor
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