December 13, 2023

Section 60 – The Insolvency and Bankruptcy Code, 2016

Adjudicating Authority for corporate persons. (1) The Adjudicating Authority, in relation to insolvency resolution and liquidation for corporate persons including corporate debtors and personal guarantors thereof shall be the National Company Law Tribunal having territorial jurisdiction over the place where the registered office of a corporate person is located. (2) Without prejudice to sub-section (1) and notwithstanding anything to the contrary contained in this Code, where a corporate insolvency resolution process or liquidation proceeding of a corporate debtor is pending before a National Company Law Tribunal, an application relating to the insolvency resolution or 1[liquidation or bankruptcy of a corporate guarantor or personal guarantor, as the case may be, of such corporate debtor] shall be filed before the National Company Law Tribunal. (3) An insolvency resolution process or 2[liquidation or bankruptcy proceeding of a corporate guarantor or personal guarantor, as the case may be, of the corporate debtor] pending in any court or tribunal shall stand transferred to the Adjudicating Authority dealing with insolvency resolution process or liquidation proceeding of such corporate debtor. (4) The National Company Law Tribunal shall be vested with all the powers of the Debt Recovery Tribunal as contemplated under Part III of this Code for the purpose of subsection (2). (5) Notwithstanding anything to the contrary contained in any other law for the time being in force, the National Company Law Tribunal shall have jurisdiction to entertain or dispose of – (a) any application or proceeding by or against the corporate debtor or corporate person; (b) any claim made by or against the corporate debtor or corporate person, including claims by or against any of its subsidiaries situated in India; and (c) any question of priorities or any question of law or facts, arising out of or in relation to the insolvency resolution or liquidation proceedings of the corporate debtor or corporate person under this Code. (6) Notwithstanding anything contained in the Limitation Act, 1963 or in any other law for the time being in force, in computing the period of limitation specified for any suit or application by or against a corporate debtor for which an order of moratorium has been made under this Part, the period during which such moratorium is in place shall be excluded.   Amendment 1Subs. by Act. No 26 of 2018, sec. 29 (a), for the words “bankruptcy of a personal guarantor of such corporate debtor” (w.e.f. 6-6-2018) 2Subs. by Act. No 26 of 2018, sec 29 (b), for the words “bankruptcy proceeding of a personal guarantor of the corporate debtor” (w.e.f. 6-6-2018). Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida  Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA

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Section 59 – The Insolvency and Bankruptcy Code, 2016

Voluntary liquidation of corporate persons (1) A corporate person who intends to liquidate itself voluntarily and has not committed any default may initiate voluntary liquidation proceedings under the provisions of this Chapter. (2) The voluntary liquidation of a corporate person under sub-section (1) shall meet such conditions and procedural requirements as may be specified by the Board. (3) Without prejudice to sub-section (2), voluntary liquidation proceedings of a corporate person registered as a company shall meet the following conditions, namely: – (a) a declaration from majority of the directors of the company verified by an affidavit stating that – (i) they have made a full inquiry into the affairs of the company and they have formed an opinion that either the company has no debt or that it will be able to pay its debt s in full from the proceeds of assets to be sold in the voluntary liquidation; and (ii) the company is not being liquidated to defraud any person; (b) the declaration under sub-clause (a) shall be accompanied with the following documents, namely: – (i) audited financial statements and record of business operations of the company for the previous two years or for the period since its incorporation, whichever is later; (ii) a report of the valuation of the assets of the company, if any prepared by a registered valuer; (c) within four weeks of a declaration under sub-clause (a), there shall be – (i) a special resolution of the members of the company in a general meeting requiring the company to be liquidated voluntarily and appointing an insolvency professional to act as the liquidator; or (ii) a resolution of the members of the company in a general meeting requiring the company to be liquidated voluntarily as a result of expiry of the period of its duration, if any, fixed by its articles or on the occurrence of any event in respect of which the articles provide that the company shall be dissolved, as the case may be and appointing an insolvency professional to act as the liquidator: Provided that the company owes any debt to any person, creditors representing two- thirds in value of the debt of the company shall approve the resolution passed under subclause (c) within seven days of such resolution. (4) The company shall notify the Registrar of Companies and the Board about the resolution under sub-section (3) to liquidate the company within seven days of such resolution or the subsequent approval by the creditors, as the case may be. (5) Subject to approval of the creditors under sub-section (3), the voluntary liquidation proceedings in respect of a company shall be deemed to have commenced from the date of passing of the resolution under sub-clause (c) of sub-section (3). (6) The provisions of sections 35 to 53 of Chapter III and Chapter VII shall apply to voluntary liquidation proceedings for corporate persons with such modifications as may be necessary. (7) Where the affairs of the corporate person have been completely wound up, and its assets completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate person. (8) The Adjudicating Authority shall on an application filed by the liquidator under sub-section (7), pass an order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly. (9) A copy of an order under sub-section (8) shall within fourteen days from the date of such order, be forwarded to the authority with which the corporate person is registered. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida  Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA

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patent registration in india

The Patents Act, 1970, which was amended in 2005 to conform to worldwide norms, regulates the patent status in India. According to the Act, patents are given for brand-new innovations that are inventive, non-obvious, and applicable to industry. There are several stages in the Indian patent application procedure, including filing the application, having it examined, and having it published. After review, a claim may be approved or rejected. Once issued, a patent gives its proprietor the sole authority to make, market, and use the creation for a predetermined amount of time. The complete patent registration process involves a series of steps which are to be mandatorily followed to get a patent in India. Both individuals and businesses can apply for patent registration for their inventions. In this post, we will discuss the registration process involved in registering a patent in India and the costs involved. What is a Patent? A patent provides an individual or a business with rights to protect their invention from illegal importing, producing or selling of the product without the permission of the patent holder. To protect their innovative ideas from being taken advantage of, inventors often choose to file for a patent. Patent registration can be obtained in India for an invention. A patent is a right granted to an individual or enterprise by the government that disallows others from making, using, selling, or importing the patented product or process without the patent holder’s approval or consent. What Is Patent Registration? Patent registration in India is legally demanding. It includes securing exclusive rights to an invention by its creator or owner. It is granted by the government for a specific duration, generally for 20 years, to prevent others from making, using, or selling the invention without the patent owner’s permission. In return, the patent owner must disclose all details and specifications of the invention to the public for further research and development. Types of Patent Application in India Provisional Application – A provisional application, also known as a temporary application, is filed when an invention is still in the works and has not yet been finished. Any other relevant inventions will not be recognised as prior art to the inventor’s application if a patent is filed early. When an invention requires more time to develop, this form of patent application is filed. Ordinary or Non-Provisional Application – An ordinary or non-provisional application application does not have any priority to claim or if the application is not filed in pursuance of any preceding convention application. A complete specification can be submitted via: Direct Filing – Wherein complete specification is initially filed with the Indian Patent Office without filing any corresponding provisional specification. Subsequent Filing – Wherein complete specification is filed after the filing of the corresponding provisional specification and claiming priority from the filed provisional specification. Convention Application – The convention application is filed for claiming a priority date based on the same or similar application filed in any of the convention countries. To avail a status of the convention, an applicant must apply to the Indian Patent Office within a year from the date of the initial filing of a similar application in the convention country. To re-iterate in simpler terms, a convention application entitles the applicant to claim priority in all the convention countries. PCT International Application – PCT international application does not result in an international patent grant, it open the way for a shortened patent application process in multiple nations at once. It is governed by the Patent Corporation Treaty, which can be validated in up to 142 nations. By filing this application, an innovation will be protected from being copied in these nations. PCT National Application – If the applicant discovers an innovation, or a modest modification of an invention, that has already been applied for or patented by the applicant, he must file this application. If the invention does not need a significant inventive step, a PCT National application can be filed. Divisional Application – If an application claims more than one invention, the applicant may choose to partition it and submit two or more applications. These applications have a priority date that is comparable to the parent application. What Kind of Inventions Cannot be Patented? Patent registration in India does not allow the following inventions to be patented: The discovery of a natural law or scientific principle Literary, theatrical, musical, or artistic works are examples of aesthetic creations Plans, guidelines, or techniques for engaging in mental activity, playing games, or conducting business Inventions that violate morality or public order Inventions that might be harmful to the environment, animals, or people. Eligibility for Patent Registration The true and first inventor. True and first inventor’s assignee. The representative of the deceased true and first inventor his / her assignee. According to the Patent Act, a “person ” is any natural person, company, or association or body of individuals or government body, whether incorporated or not. In the case of a proprietorship firm, the application should be made in the proprietors’ name. In partnership firms, the names of all personally responsible partners must be included in the patent application. An assignee can also be a natural person or other than a legal person such as a registered company, an LLP, Section 8 Company, an educational institute, or government. The applicant is required to disclose the name, address, and nationality of the true and first inventor. Documents Required for Patent Registration Patent application in Form-1. Proof of right to file application from the inventor. The proof of right can either be an endorsement at the end of the application or a separate agreement attached with the patent application. Provisional specifications, if complete specifications are not available. Complete specification in Form-2 within 12 months of filing of provisional specification. Statement and undertaking under Section 8 in Form- 3, if applicable. Form 3 can be filed along with the application or within 6 months from the date of application. Declaration as to inventorship in Form 5 for applications with complete specification or a convention application

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Uttar Pradesh Ration Card

In Uttar Pradesh, all residents of the appropriate state must possess ration card which is distributed by the department of food and civil supplies. The objective of the issue of ration card is to implement the Targeted Public Distribution System (TPDS) that provides essential commodities like rice, wheat, sugar, kerosene, fertilizers, LPG, etc. to its citizens at highly ‘UP Ration Card’ is one of the official documents issued by the Uttar Pradesh state government. These cards are provided to households who are eligible to purchase grains at subsidized rates through the Public Distribution System (PDS) under the National Food Security Act (NFSA). Documents required to apply for Uttar Pradesh Ration Card To apply for a ration card, you need to submit the following documents: Aadhar card mobile number Passport size photographs of family members living in your household PAN card last electricity bill your income certificate Caste/Category Certificate Bank passbook and photocopy of the first page of your passbook. Details of your gas connection Benefits of Ration Card In Uttar Pradesh ration card serves the following benefits: Identity proof Ration card is used to confirm one’s identity and does the ration card helps as an identity proof in availing government services which are granted to the residents of the state. It also supports as an identification proof for your entire family since it contains details about the number of family members, income levels, number of children, gender, photographs, etc. Residence Proof Ration card is required in the case of proof of residential address to secure loans from the banks, and it can be used as a residence proof while buying or selling of property. Also, the Aadhaar card can be linked to your ration card, then the above being connected to your bank account. Ration Card Types The Uttar Pradesh Government issues three types of ration cards to citizens depending upon the economic status of the applicant. S.No Ration Card Type Eligible families 1. BPL (Below Poverty Line) cards.  The BPL cards are provided to the citizens who live below the poverty line, and their annual income is less than Rs. 10,000/- 2. APL (Above Poverty Line) cards. The APL cards are provided to the citizens of Uttar Pradesh who are above the poverty line and have their annual income above Rs, 10,000/- 3. AAY cards. The AAY cards are issued to the citizens of Uttar Pradesh who are very poor and do not have any stable income source. Eligibility Criteria To apply for a ration card in the state of Uttar Pradesh, the applicant needs to satisfy the following conditions required. The citizens must not already be in possession of a ration card. Applicant relating to the economically weaker sections of the society. The applicant in possession of temporary ration cards or past cards expiry can apply for new ration card. Couples who got recently married in the state can apply for ration card. Application Procedure for Ration Card Submit an Application Step 1: To get a new Uttar Pradesh ration card, the applicant has to fill the application form in a prescribed format. Provide the following details in the application form. Name and Address. Family details. LPG connection details. Income details. Bank account information. Approach Food and Logistics Department Step 2: After filling all details in the application form, submit the duly filled application form along with the specified document to the food and logistics department of your tehsil office. Receive Acknowledgement Slip Step 3: After submitting the application form and all another relevant document to the concerned authority will issue a receipt as an acknowledgement for further reference. Application Verification Step 4: On satisfying the verification, the concerned authority will issue new ration card to the applicant with the help of your acknowledgement slip. Ration Card Renewal The ration card renewal process is the same as for applying for a new ration card in Uttar Pradesh Old Ration card is needed to attach with the application form along with all other supporting documents as above. The application form for a new ration card is below for quick reference. The time limit for renewing the ration card after the expiry is two month and if it is not renewed within the time, then the ration card entry will be removed from the register. An amount of Rs.10 needs to be paid for renewing Uttar Pradesh Ration card. Check Status Online After submitting an application form, the applicant will receive a receipt or acknowledgement number. Using application number check the status of a ration card application online. Step 1: Visit the official website of the Food and Civil Supplies Department (FCS). Step 2: Click on “Search in the list of NFSA” which is on the homepage of the portal. Step 3: Now the applicant has to enter the relevant details of ration card like District name Town name Area name Ration card number Card type Head name Step 4: After that, the applicant can be able to see the name on the eligibility list furnished by the Government of Uttar Pradesh. FAQs Q: How can members be added to the ration card? Visit the official ‘Food and Civil Supplies Department’ website of your state government. Select the link ‘Adding new members’ in the ‘Ration Card’ section. Once you have filled all the details and uploaded the required documents, the new member will be added after the verification of documents and information is completed. Q: How Many Types of Ration Cards are there in Uttar Pradesh? Uttar Pradesh typically issues three types of ration cards: Antyodaya (AAY), Below Poverty Line (BPL), and Above Poverty Line (APL). Q: How to Apply for a Ration Card in Uttar Pradesh? Residents can apply for a ration card through the official website of the Food and Civil Supplies Department in Uttar Pradesh. The application process may require submitting necessary documents. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit

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History of income tax in india

Section 1 of the Income Tax Act, 1961 begins with the marginal note ‘Short title, extent and commencement’. The Act is to called the Income-tax Act, 1961 per sub-section 1. The Act extends to the whole of India per sub-section 2. The Act came into force on April 1, 1962 per sub-section 3. The history of Income Tax in India is later back to the 1800s, In 1860 the tax was first introduced in India by Sir James to cover the losses incurred by the government as a result of the military mutiny of 1857. In 1918, a new income tax was passed and it was again replaced by another new law passed in 1922. This Act remained in force till the assessment year 1961-62 with several amendments. In discussion with the Ministry of Law, the Income Tax Act, of 1961 was eventually passed. The Income Tax Act, of 1961 came into force on 1 April 1962. It applied to the whole of India and Sikkim (including Jammu and Kashmir). Since 1962, many far-reaching amendments to the Income Tax Act have been made every year by the Union budget. In this article, we will be concerned about the brief history of income tax in India and Section 1 of the Income-tax Act, 1961. What is the Income Tax Act 1961? The Income Tax Act 1961 is the set of rules and regulations upon which the Income Tax Department levies, administers, collects and recovers taxes. It contains 298 sections, 23 chapters and several important provisions which contain all the aspects of taxation in India.  Now, the nature of the Income Tax Act 1961 can be classified into – direct and indirect taxes. The taxpayer must pay direct taxes at a certain percentage based on his/her income. While the latter is levied by the government indirectly during the sale of goods and services.  History of Income Tax in Ancient India In India, the system of direct taxation has come into force in one form or another since ancient times. In both the Manu Smriti and the Arthasastra, references have been made to a variety of tax measures. The thorough analysis given on this subject by Manu Smriti and the Arthasastra has clearly shown the existence of a judicious system of taxation even in ancient times. Not only that, taxes were levied on various classes of individuals such as actors, dancers, singers, and every stratum. Taxes in ancient times were payable in the form of gold coins, livestock, grain, raw materials, and also personal service. Manu Smriti-Manusmrti is the oldest and predominant source of income tax provisions. Manusmrti emphasizes the strategic imposition and regulation of corporate income tax.According to him, taxation must not be a painful experience for subjects. Taxation must be right enough to meet a reasonable revenue target and also feel right to the masses. The income tax provisions under Manusmrti are: Merchants would pay 20% of income Artisans would pay 20% of the income Farmers would pay 1/6, 1/8, or 1/10 of the value of the total production. Rates vary according to circumstances affecting crop production. In addition, merchants and artisans were required to pay an income tax in the form of gold or silver. Arthashastra-Arthashastra is one of the more prominent sources of tax laws and regulations in India. The Arthashastra could be considered the primary Indian text mentioning public finance, financial administration, and financial laws in a structured manner.The book was written by Kautilya around 2300 BC. It has been accredited to have a huge impact on the development of the income tax system in India.Kautilya suggested a tax system according to the principle of “maximum welfare for society”.The text contemplated the creation of a defined tax code. The principles, tax rates, and duties of tax collectors were predetermined in the book.The schedule of each payment, due dates, quantity, and type of commodities received were also coded. The book also mentions the taxation of export and import of goods, tolls, etc. The income tax provisions as stated in the Arthashastra are; Farmers would pay 1/6 of production flat rate for land taxation The rich would pay higher taxes and the less privileged would be levied lower taxes Book rule with limited flexibility to tax collectors Income Tax Act 1860-The taxation policy adopted by the British Government of India had the greatest influence on the present taxation system of India. The policy of income tax laws that were structured under the British Indian government could be credited to the well-known incident of mutiny. The mutiny of 1857 by the Indian soldiers of the British army caused huge losses to the then-British government. The Income Tax Act was introduced in 1860 to cover the losses suffered as a result of the rebellion. The Act of 1860 was applied for 5 years and was repealed accordingly. The salient features of the Income Tax Act, of 1860 are; Exemption of income from agricultural production from taxation Life insurance premiums were exempt from tax Hindu undivided family was approached as a separate taxable unit Income Tax Act 1918-Some major changes were made by the Income Tax Act of 1918 in the income tax system. For the very first time, income and deductions of a contingent or non-occurring nature were also included in the calculation of taxable income. The salient features of the Income Tax Act, of 1860 are as follows; Non-recurring income in the course of business or professional activity was also included in the calculation of net profit Non-recurring deductions have been included in the calculation of taxable income. Income Tax Act 1922-The Income Tax Act of 1922 was the most notable milestone in the history of the Income Tax system in India. The Act was introduced to represent the primary organized income tax structure in India.The 1922 Act provided much-needed flexibility in India’s income tax system. In addition, it established a proper system of tax administration in India, which continued to function for the next 40 years. The Income Tax Act, of

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