Factory Act 1948 1. Government regulation o the working condition in factories begins in India in 1881 when the first Indian factories Act was passed. 2. This act was substantially amended in 1934 on the basis ob the recommendations of the Royal commission on labour. 3. The act of 1934 dividend factories into two categories-seasonal and perennial. 4. This act was amended several times. 5. On the eve of independence the national government announced far reaching legislative program for the welfare of workers. 6. As a part of this program, the factories act 1948 was passed. 7. The factories act 1948 is comprehensive in nature and through it the government has tried to implement as Continue reading
Legal Framework
Summary of important sections of Banking Regulation Act
The Banking Regulation Act was passed as the Banking Companies Act 1949 and came into force wef 16.3.49. Subsequently it was changed to Banking Regulations Act 1949 wef 01.03.66. Summary of some important sections is provided hereunder.(Note: The section no. is given at the end of each item. For details, kindly refer the bare Act.) Banking means accepting for the purpose of lending or investment of deposits of money from public repayable on demand or otherwise and withdrawable by cheque, drafts order or otherwise (5 (i) (b)). Banking company means any company which transacts the business of banking (5(i)(c) Transact banking business in India (5 (i) (e). Demand liabilities are the liabilities which must be met on demand and time liabilities means liabilities which are not demand liabilities (5(i)(f) Secured loan or advances means a loan or advance made on the security of asset the market value of which Continue reading
Income Tax Act, 1961
‘Domestic company’ means an Indian company, or any other company which, in respect of its income liable to tax under this Act, has made the prescribed arrangements for the declaration and payment, within India, of the dividends (including dividends on preference shares) payable out of such income, as per Section 2(22A). Dividend, according to Section 2(22) includes- (a) any distribution by a company of accumulated profits, whether capitalised or not, if such distribution entails the release by the company to its shareholders of all or any part of the assets of the company; (b) any distribution to its shareholders by a company of debentures, debenture-stock, or deposit certificates in any form, whether with or without interest, and any distribution to its preference shareholders of shares by way of bonus, to the extent to which the company possesses accumulated profits, whether capitalised or not; (c) any distribution made to the shareholders Continue reading