March 6, 2024

contingency planning

Business / /

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 partners, and what communications procedures to put in place.  The contingency planning process can be broken down into three simple questions: What is going to happen? What are we going to do about it? What can we do ahead of time to get prepared? It is often used when there is a specific threat or hazard which is likely to impact an organization. But it is also important to consider less likely scenarios and develop contingency plans accordingly.Contingency planning must be a collaborative effort. And plans must be linked to the plans, systems and processes of governments,  What Is Contingency Planning? The term contingency planning refers to the process of preparing a plan to respond to any risks or unexpected events that might affect an organization. Contingency planning starts with a thorough risk assessment to identify any risks and then develop a contingency plan to resolve them or at least mitigate their negative impact. Contingency planning takes many shapes as it’s used for helping businesses and projects across industries. Even governments use contingency plans to prepare for disaster recovery or economic disruption, such as those caused by natural disasters. What Is a Contingency Plan? A contingency plan is an action plan that’s meant to help organizations mitigate the negative effects of risks. In simple terms, a contingency plan is an action plan that organizations should execute when things don’t go as expected. Benefits of Contingency Planning Saves time: Management is not stopping to develop a plan. All they need to do is assess the situation and implement the contingency plan. Saves money: Downtime for a business is costly. Contingency plans limit the costs of being forced on the sideline. Quick recovery time: Contingency plans redirect everyone so what they are doing is productive despite the adverse incident. Minimizes damages: A contingency plan can reduce the effects of a disastrous situation that would otherwise lead to massive damages to the business’s property and equipment. Avoid negative press: When things go wrong, the press can get wind of it, which can be negative publicity for the company. Contingency plans keep the business running with minimal impact on operations. How To Create a Contingency Plan in 7 Steps Step 1. Create a Policy Statement A policy statement is the outline of the authorization that exists to develop a contingency plan. This might be something as simply stating a possible scenario and noting that owners have put this plan in place. Step 2. Conduct a Business Impact Analysis This step digs into what would happen if no contingency plan existed. It prioritizes the systems that are imperative to the business functions. Step 3. Implement Preventative Controls This step is designed to mitigate any adverse scenario’s impact on the business. The goal is to reduce the costs associated with running the business on a contingency plan basis. Step 4. Develop Contingency Strategies These are recovery strategies that help the business ensure that it will recover quickly and efficiently after a disruption occurs. Contingency strategies may be specific to the type of disruption that happens. Step 5. Write Out the Contingency Plan This step takes the strategies and writes out an action plan that is designed to overcome the disruption. It is a detailed response that allows the business operation to continue to work. Step 6. Test and Train Employees Every contingency plan should be shared with employees well in advance of needing to enact the plan. Employees should be trained on what to do in specific scenarios and help keep the business operations running as smoothly as possible. Step 7. Maintain the Plan Keep the plan updated based on current systems and organizational changes. You don’t want to implement the plan and then run into a hiccup because a key employee is no longer with the firm or the system doesn’t allow you to do what you want to do. Business Contingency Plans A business contingency plan is an action plan that is used to respond to future events that might or might not affect a company in the future. In most cases, a contingency plan is devised to respond to a negative event that can tarnish a company’s reputation or even its business continuity. However, there are positive contingency plans, such as what to do if the organization receives an unexpected sum of money or other project resources. The contingency plan is a proactive strategy, different from a risk response plan, which is more of a reaction to a risk event. A business contingency plan is set up to account for those disruptive events, so you’re prepared if and when they arrive. While any organization is going to plan for its product or service to work successfully in the marketplace, that marketplace is anything but stable. That’s why every company needs a business contingency plan to be ready for both positive and negative risk management. FAQs What is the purpose of a contingency plan? A contingency plan exists to deal with unexpected adverse situations, often disasters that disrupt your ability to run your business. What is another term for contingency? Other terms for contingency planning include crisis management, emergency planning and risk management. What is a good contingency plan? Good contingency plans address the many possible disasters that may happen. It might address natural disaster scenarios or supply chain issues. A good contingency plan helps you address many different types of disruptions. 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

contingency planning Read More »

Section 128 – THE INDIAN CONTRACT ACT, 1872

THE INDIAN CONTRACT ACT, 1872 / /

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 also for any interest and charges which may have become due on it. 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 | Company Registration in lucknow 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 Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card |  194r |  ec tamilnadu |  194a of income tax act |  80ddb |  aaple sarkar portal |  epf activation |  scrap business |  brsr |  section 135 of companies act 2013 |  depreciation on computer |  section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act | 80dd | 44ae of Income tax act | west bengal land registration | 194o of income tax act | 270a of income tax act | 80ccc | traces portal | 92e of income tax act | 142(1) of Income Tax Act | 80c of Income Tax Act | Directorate general of GST Intelligence | form 16 | section 164 of companies act | section 194a | section 138 of companies act 2013 | section 133 of companies act 2013 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 | Company Registration in lucknow 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 Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card |  194r |  ec tamilnadu |  194a of income tax act |  80ddb |  aaple sarkar portal |  epf activation |  scrap business |  brsr |  section 135 of companies act 2013 |  depreciation on computer |  section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act | 80dd | 44ae of Income tax act | west bengal land registration | 194o of income tax act | 270a of income tax act | 80ccc | traces portal | 92e of income tax

Section 128 – THE INDIAN CONTRACT ACT, 1872 Read More »

Section 127 – THE INDIAN CONTRACT ACT, 1872

THE INDIAN CONTRACT ACT, 1872 / /

Consideration for guarantee Anything done, or any promise made, for the benefit of the principal debtor, may be a sufficient consideration to the surety for giving the guarantee.Illustrations(a) B requests A to sell and deliver to him goods on credit. A agrees to do so, provided C will guarantee the payment of theprice of the goods. C promises to guarantee the payment in consideration of A‟s promise to deliver the goods. This is a sufficientconsideration for C‟s promise.(b) A sells and delivers goods to B. C afterwards requests A to forbear to sue B for the debt for a year, and promises that, ifhe does so, C will pay for them in default of payment by B. A agrees to forbear as requested. This is a sufficient consideration forC‟s promise.(c) A sells and delivers goods to B. C afterwards, without consideration, agrees to pay for them in default of B. Theagreement is void. 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 | Company Registration in lucknow 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 Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card |  194r |  ec tamilnadu |  194a of income tax act |  80ddb |  aaple sarkar portal |  epf activation |  scrap business |  brsr |  section 135 of companies act 2013 |  depreciation on computer |  section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act | 80dd | 44ae of Income tax act | west bengal land registration | 194o of income tax act | 270a of income tax act | 80ccc | traces portal | 92e of income tax act | 142(1) of Income Tax Act | 80c of Income Tax Act | Directorate general of GST Intelligence | form 16 | section 164 of companies act | section 194a | section 138 of companies act 2013 | section 133 of companies act 2013 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 | Company Registration in lucknow 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 Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card |  194r |  ec tamilnadu |  194a of

Section 127 – THE INDIAN CONTRACT ACT, 1872 Read More »

Section 126 – THE INDIAN CONTRACT ACT, 1872

THE INDIAN CONTRACT ACT, 1872 / /

“Contract of guarantee”, “surety”, “principal debtor” and “creditor” A “contract of guarantee” is a contract to perform the promise, or discharge the liability, of a third person in case of hisdefault. The person who gives the guarantee is called the “surety”; the person in respect of whose defaultthe guarantee is given is called the “principal debtor”, and the person to whom the guarantee is given iscalled the “creditor”. A guarantee may be either oral or written. 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 | Company Registration in lucknow 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 Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card |  194r |  ec tamilnadu |  194a of income tax act |  80ddb |  aaple sarkar portal |  epf activation |  scrap business |  brsr |  section 135 of companies act 2013 |  depreciation on computer |  section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act | 80dd | 44ae of Income tax act | west bengal land registration | 194o of income tax act | 270a of income tax act | 80ccc | traces portal | 92e of income tax act | 142(1) of Income Tax Act | 80c of Income Tax Act | Directorate general of GST Intelligence | form 16 | section 164 of companies act | section 194a | section 138 of companies act 2013 | section 133 of companies act 2013 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 | Company Registration in lucknow 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 Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card |  194r |  ec tamilnadu |  194a of income tax act |  80ddb |  aaple sarkar portal |  epf activation |  scrap business |  brsr |  section 135 of companies act 2013 |  depreciation on computer |  section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act | 80dd | 44ae of Income tax act | west bengal land registration | 194o of income tax act | 270a of income tax act | 80ccc

Section 126 – THE INDIAN CONTRACT ACT, 1872 Read More »

Section 125 – THE INDIAN CONTRACT ACT, 1872

THE INDIAN CONTRACT ACT, 1872 / /

Rights of indemnity-holder when sued The promise in a contract of indemnity, acting within the scope of his authority, is entitled to recover from the promisor—(1) all damages which he may be compelled to pay in any suit in respect of any matter to whichthe promise to indemnify applies;(2) all costs which he may be compelled to pay in any such suit if, in bringing or defending it, hedid not contravene the orders of the promisor, and acted as it would have been prudent for him to actin the absence of any contract of indemnity, or if the promisor authorized him to bring or defend thesuit;(3) all sums which he may have paid under the terms of any compromise of any such suit, if thecompromise was not contrary to the orders of the promisor, and was one which it would have beenprudent for the promisee to make in the absence of any contract of indemnity, or if the promisorauthorized him to compromise the suit. 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 | Company Registration in lucknow 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 Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card |  194r |  ec tamilnadu |  194a of income tax act |  80ddb |  aaple sarkar portal |  epf activation |  scrap business |  brsr |  section 135 of companies act 2013 |  depreciation on computer |  section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act | 80dd | 44ae of Income tax act | west bengal land registration | 194o of income tax act | 270a of income tax act | 80ccc | traces portal | 92e of income tax act | 142(1) of Income Tax Act | 80c of Income Tax Act | Directorate general of GST Intelligence | form 16 | section 164 of companies act | section 194a | section 138 of companies act 2013 | section 133 of companies act 2013 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 | Company Registration in lucknow 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 Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar | 

Section 125 – THE INDIAN CONTRACT ACT, 1872 Read More »

Section 124 – THE INDIAN CONTRACT ACT, 1872

THE INDIAN CONTRACT ACT, 1872 / /

“Contract of indemnity” defined A contract by which one party promises to save the other from loss caused to him by the contract of the promisor himself, or by the conduct of any other person, is called a “contract of indemnity”.IllustrationA contracts to indemnify B against the consequences of any proceedings which C may take against B in respect of a certainsum of 200 rupees. This is a contract of indemnity. 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 | Company Registration in lucknow 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 Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card |  194r |  ec tamilnadu |  194a of income tax act |  80ddb |  aaple sarkar portal |  epf activation |  scrap business |  brsr |  section 135 of companies act 2013 |  depreciation on computer |  section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act | 80dd | 44ae of Income tax act | west bengal land registration | 194o of income tax act | 270a of income tax act | 80ccc | traces portal | 92e of income tax act | 142(1) of Income Tax Act | 80c of Income Tax Act | Directorate general of GST Intelligence | form 16 | section 164 of companies act | section 194a | section 138 of companies act 2013 | section 133 of companies act 2013 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 | 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Section 124 – THE INDIAN CONTRACT ACT, 1872 Read More »

Section 75 – THE INDIAN CONTRACT ACT, 1872

THE INDIAN CONTRACT ACT, 1872 / /

Party rightfully rescinding contract, entitled to compensation A person who rightfully rescinds a contract is entitled to compensation for any damage which he has sustained through thenon-fulfilment of the contract.IllustrationA, a singer, contracts with B, the manager of a theatre, to sing at his theatre for two nights in every week during the next twomonths, and B engages to pay her 100 rupees for each night‟s performance. On the sixth night, A wilfully absents herself fromthe theatre, and B, in consequence, rescinds the contract. B is entitled to claim compensation for the damage which he hassustained through the non-fulfilment of the contract. 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 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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 | Company Registration in lucknow 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 Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card |  194r |  ec tamilnadu |  194a of income tax act |  80ddb |  aaple sarkar portal |  epf activation |  scrap business |  brsr |  section 135 of companies act 2013 |  depreciation on computer |  section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act |

Section 75 – THE INDIAN CONTRACT ACT, 1872 Read More »

Section 74 – THE INDIAN CONTRACT ACT, 1872

THE INDIAN CONTRACT ACT, 1872 / /

Compensation for breach of contract where penalty stipulated for [When a contract has been broken, if a sum is named in the contract as the amount to be paid in case of such breach, or if thecontract contains any other stipulation by way of penalty, the party complaining of the breach is entitled,whether or not actual damage or loss is proved to have been caused thereby, to receive from the party whohas broken the contract reasonable compensation not exceeding the amount so named or, as the case maybe, the penalty stipulated for.Explanation.—A stipulation for increased interest from the date of default may be a stipulation byway of penalty.]Exception.—When any person enters into any bail-bond, recognizance or other instrument of thesame nature, or, under the provisions of any law, or under the orders of the 2[Central Government] or ofany 3[State Government], gives any bond for the performance of any public duty or act in which thepublic are interested, he shall be liable, upon breach of the condition of any such instrument, to pay thewhole sum mentioned therein.Explanation.—A person who enters into a contract with Government does not necessarily therebyundertake any public duty, or promise to do an act in which the public are interested.Illustrations(a) A contracts with B to pay B Rs. 1,000, if he fails to pay B Rs. 500 on a given day. A fails to pay B Rs. 500 on that day. Bis entitled to recover from A such compensation, not exceeding Rs. 1,000, as the Court considers reasonable.(b) A contracts with B that, if A practises as a surgeon within Calcutta, he will pay B Rs. 5,000. A practises as a surgeon inCalcutta. B is entitled to such compensation; not exceeding Rs. 5,000, as the Court considers reasonable.(c) A gives a recognizance binding him in a penalty of Rs. 500 to appear in Court on a certain day. He forfeits hisrecognizance. He is liable to pay the whole penalty.4[(d) A gives B a bond for the repayment of Rs. 1,000 with interest at 12 per cent. at the end of six months, with a stipulationthat, in case of default, interest shall be payable at the rate of 75 per cent. from the date of default. This is a stipulation by way ofpenalty, and B is only entitled to recover from A such compensation as the Court considers reasonable.(e) A, who owes money to B a money-lender, undertakes to repay him by delivering to him 10 maunds of grain on a certaindate, and stipulates that, in the event of his not delivering the stipulated amount by the stipulated date, he shall be liable to deliver20 maunds. This is a stipulation by way of penalty, and B is only entitled to reasonable compensation in case of breach. 1. Subs. by Act 6 of 1899, s. 4, for the first paragraph of s. 74.2. Subs. by the A.O. 1937, for “Government of India”.3. Subs. by the A.O. 1950, for “Provincial Government”.4. Added by Act 6 of 1899, s. 4.32(f) A undertakes to repay B a loan of Rs. 1,000 by five equal monthly instalments, with a stipulation that in default ofpayment of any instalment, the whole shall become due. This stipulation is not by way of penalty, and the contract may beenforced according to its terms.(g) A borrows Rs. 100 from B and gives him a bond for Rs. 200 payable by five yearly instalments of Rs. 40, with astipulation that, in default of payment of any instalment, the whole shall become due. This is a stipulation by way of penalty.] 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 | Company Registration in lucknow 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 Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card |  194r |  ec tamilnadu |  194a of income tax act |  80ddb |  aaple sarkar portal |  epf activation |  scrap business |  brsr |  section 135 of companies act 2013 |  depreciation on computer |  section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act

Section 74 – THE INDIAN CONTRACT ACT, 1872 Read More »

Section 73 – THE INDIAN CONTRACT ACT, 1872

THE INDIAN CONTRACT ACT, 1872 / /

Compensation for loss or damage caused by breach of contract When a contract has been broken, the party who suffers by such breach is entitled to receive, from the party who has broken the contract, compensation for any loss or damage caused to him thereby, which naturally arose in the usualcourse of things from such breach, or which the parties knew, when they made the contract, to be likely toresult from the breach of it.Such compensation is not to be given for any remote and indirect loss or damage sustained by reasonof the breach. Compensation for failure to discharge obligation resembling those created by contract.—Whenan obligation resembling those created by contract has been incurred and has not been discharged, anyperson injured by the failure to discharge it is entitled to receive the same compensation from the party indefault, as if such person had contracted to discharge it and had broken his contract.Explanation.—In estimating the loss or damage arising from a breach of contract, the means whichexisted of remedying the inconvenience caused by the non-performance of the contract must be taken intoaccount.Illustrations(a) A contracts to sell and deliver 50 maunds of saltpetre to B, at a certain price to be paid on delivery. A breaks his promise.B is entitled to receive from A, by way of compensation, the sum, if any, by which the contract price falls short of the price forwhich B might have obtained 50 maunds of saltpetre of like quality at the time when the saltpetre ought to have been delivered. 1. As to suits by minors under s. 70 in Presidency Small Cause Courts, see the Presidency Small Cause Courts Act, 1882(15 of 1882), s. 32.2. See ss. 151 and 152, infra.30(b) A hires B‟s ship to go to Bombay, and there take on board, on the first of January, a cargo, which A is to provide, and tobring it to Calcutta, the freight to be paid when earned. B‟s ship does not go to Bombay, but A has opportunities of procuringsuitable conveyance for the cargo upon terms as advantageous as those on which he had chartered the ship. A avails himself ofthose opportunities, but is put to trouble and expense in doing so. A is entitled to receive compensation from B in respect of suchtrouble and expense.(c) A contracts to buy of B, at a stated price, 50 maunds of rice, no time being fixed for delivery. A afterwards informs Bthat he will not accept the rice if tendered to him. B is entitled to receive from A, by way of compensation, the amount, if any, bywhich the contract price exceeds that which B can obtain for the rice at the time when A informs B that he will not accept it.(d) A contracts to buy B‟s ship for 60,000 rupees, but breaks his promise. A must pay to B, by way of compensation, theexcess, if any, of the contract price over the price which B can obtain for the ship at the time of the breach of promise.(e) A, the owner of a boat, contracts with B to take a cargo of jute to Mirzapur, for sale at that place, starting on a specifiedday. The boat, owing to some avoidable cause, does not start at the time appointed, whereby the arrival of the cargo at Mirzapuris delayed beyond the time when it would have arrived if the boat had sailed according to the contract. After that date, and beforethe arrival of the cargo, the price of jute falls. The measure of the compensation payable to B by A is the difference between theprice which B could have obtained for the cargo at Mirzapur at the time when it would have arrived if forwarded in due course,and its market price at the time when it actually arrived.(f) A contracts to repair B‟s house in a certain manner, and receives payment in advance. A repairs the house, but notaccording to contract. B is entitled to recover from A the cost of making the repairs conform to the contract.(g) A contracts to let his ship to B for a year, from the first of January, for a certain price. Freights rise, and, on the first ofJanuary, the hire obtainable for the ship is higher than the contract price. A breaks his promise. He must pay to B, by way ofcompensation, a sum equal to the difference between the contract price and the price for which B could hire a similar ship for ayear on and from the first of January.(h) A contracts to supply B with a certain quantity of iron at a fixed price, being a higher price than that for which A couldprocure and deliver the iron. B wrongfully refuses to receive the iron. B must pay to A, by way of compensation, the differencebetween the contract price of the iron and the sum for which A could have obtained and delivered it.(i) A delivers to B, a common carrier, a machine, to be conveyed, without delay, to A‟s mill, informing B that his mill isstopped for want of the machine. B unreasonably delays the delivery of the machine, and A, in consequence, loses a profitablecontract with the Government. A is entitled to receive from B, by way of compensation, the average amount of profit whichwould have been made by the working of the mill during the time that delivery of it was delayed, but not the loss sustainedthrough the loss of the Government contract.(j) A, having contracted with B to supply B with 1,000 tons of iron at 100 rupees a ton, to be delivered at a stated time,contracts with C for the purchase of 1,000 tons of iron at 80 rupees a ton, telling C that he does so for the purpose of performinghis contract with B. C fails to perform his contract with A, who cannot procure other iron, and B, in consequence, rescinds thecontract. C must pay to A 20,000 rupees, being the profit which A would have made by the

Section 73 – THE INDIAN CONTRACT ACT, 1872 Read More »

Section 72 – THE INDIAN CONTRACT ACT, 1872

THE INDIAN CONTRACT ACT, 1872 / /

Liability of person to whom money is paid, or thing delivered, by mistake or under coercion A person to whom money has been paid, or anything delivered, by mistake or under coercion, must repay or return it.Illustrations(a) A and B jointly owe 100 rupees to C, A alone pays the amount to C, and B, not knowing this fact, pays 100 rupees overagain to C. C is bound to repay the amount to B.(b) A railway company refuses to deliver up certain goods to the consignee, except upon the payment of an illegal charge forcarriage. The consignee pays the sum charged in order to obtain the goods. He is entitled to recover so much of the charge as wasillegally excessive 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 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GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card |  194r |  ec tamilnadu |  194a of income tax act |  80ddb |  aaple sarkar portal |  epf activation |  scrap business |  brsr |  section 135 of companies act 2013 |  depreciation on computer |  section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act | 80dd | 44ae of Income tax act | west bengal land registration | 194o of income tax act | 270a of income tax act | 80ccc | traces portal | 92e of income tax act | 142(1) of Income Tax Act | 80c of Income Tax Act | Directorate general of GST Intelligence | form 16 | section 164 of companies act | section 194a | section 138 of companies act 2013 | section 133 of companies act 2013 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 | Company Registration in lucknow 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 Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card |  194r |  ec tamilnadu |  194a of income tax act |  80ddb |  aaple sarkar portal |  epf activation |  scrap business |  brsr |  section 135 of companies act 2013 |  depreciation on computer |  section 186 of companies

Section 72 – THE INDIAN CONTRACT ACT, 1872 Read More »