Guarantee obtained by misrepresentation invalid Any guarantee which has been obtained by means of misrepresentation made by the creditor, or with his knowledge and assent, concerning a material part of the transaction, is invalid. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice […]
Surety’s right to benefit of creditor’s securities A surety is entitled to the benefit of every security which the creditor has against the principal debtor at the time when the contract of suretyship is entered into, whether the surety knows of the existence of such security or not; and if the creditor loses, or, without
Rights of surety on payment or performance Where a guaranteed debt has become due, or default of the principal debtor to perform a guaranteed duty has taken place, the surety upon payment or performance of all that he is liable for, is invested with all the rights which the creditor had against the Principal debtor.
Discharge of surety by creditor’s act or omission impairing surety’s eventual remedy If the creditor does any act which is inconsistent with the rights of the surety, or omits to do any act which his duty to the surety requires him to do, and the eventual remedy of the surety himself against the principal debtor
In the supply chain, before a product reaches to end customers, it will first reach at least three stakeholders: a manufacturing company or a national supplier, distributor, and retailer. The sales transactions from each level of stakeholders have different names: primary, secondary, and tertiary sales. Primary Sales Primary sales refer to sales from the first
A money lender is someone who lends small amounts of money at a higher rate of interest. The reason for charging higher rates of interest is that the money lender faces a higher risk of default than normal banks due to various reasons. People who are desperately in need of money but at the same time
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 |
CA Bhuvnesh Kumar Goyal
Chartered Accountants
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