- What is compounding of Offences?
- What is the punishment for non compliance of maintenance of minutes of proceedings?
- What are the Offences and penalties under Competition Act?
- What are the provisions of the Income Tax Act regarding prosecution if there is failure to furnish return of income?
- What is compounding of Offences under Income Tax Act?
- What is a compounding fee?
- What is compounding application?
- Where company committee a Offence under IT Act who shall be punished?
- Can a company file a complaint in its own name?
- Which item Cannot be passed by way of circulation?
- What is composition fine?
- What are the penalties and Offences by companies?
What is compounding of Offences?
Compounding of offence is a process whereby the person/entity committing default will file an application to the compounding authority accepting that it has committed an offence and so that same should be condoned.
Offence punishable with fine only, or.
Offence punishable with fine or imprisonment or both..
What is the punishment for non compliance of maintenance of minutes of proceedings?
5,000/-Further if any person is found guilty of tampering with the minutes of the proceedings of meeting, he shall be punishable with an imprisonment for a term which may extend to 2 years and with a fine of not less than Rs. 25,000/- but may extend to one lakh rupees.
What are the Offences and penalties under Competition Act?
(2) If any person, without reasonable cause, fails to comply with the orders or directions of the Commission issued under Sections 27, 28, 31, 32, 33, 42-A and 43-A of the Act, he shall be punishable with fine which may extend to rupees one lakh for each day during which such non-compliance occurs, subject to a maximum …
What are the provisions of the Income Tax Act regarding prosecution if there is failure to furnish return of income?
In case a person willfully fails to furnish in due time, return of total income under a notice served u/s 158 BC, he shall be punishable with imprisonment for 3 months to 3 years and with fine. 10. Failure to produce accounts and documents [Section 276 (D)].
What is compounding of Offences under Income Tax Act?
In ease the prosecution complaint filed under the provisions of both Income-tax Act, 1961 and the IPC are based on the same facts and the complaint under the Income-tax Act, 1961 is compounded, then the process of withdrawal of the complaint under the IPC may be initiated by the Competent Authority.
What is a compounding fee?
A criminal act in which a person agrees not to report the occurrence of a crime or not to prosecute a criminal offender in exchange for money or other consideration. The consideration can consist of anything of value, such as money, property, or a promise of monetary gain. …
What is compounding application?
A “Compound” means settling a matter by a money payment. The money is paid in place of any other liability. When an individual or a company commits any offense, the RBI compounding application is applied to save him from the prosecution.s.
Where company committee a Offence under IT Act who shall be punished?
As per section 278B, where an offence under the Income-tax Act has been committed by a company (*), then every person who, at the time the offence was committed was in charge of and was responsible to the company for the conduct of the business of the company as well as the company shall be deemed to be guilty of the …
Can a company file a complaint in its own name?
Yes. A company can file a criminal complaint against any person. … Keshvanand’ – 1997 (12) TMI 629 – SUPREME COURT it was held that a criminal complaint can be filed by a company but it must be represented by a natural person. It is not necessary that the same person should act as a representative throughout.
Which item Cannot be passed by way of circulation?
Certain Resolutions that Cannot be Passed by Circulation. —Sub-section (3) of Section 179 of the Act and Rule 8 of the Companies (Meetings of Board and its Powers) Rules, 2014 provides for certain transactions or resolutions, wherein the Board of Directors shall exercise by means of resolutions passed in its meetings.
What is composition fine?
From Wikipedia, the free encyclopedia. Compounding is a legal procedure whereby a criminal or delinquent avoids prosecution in a court of law, potentially leading to the confiscation of his estate or some other punishment, in exchange for his payment to the authorities of a financial penalty or fine.
What are the penalties and Offences by companies?
Any person committing an offence referred to in the Second schedule i.e. offences punishable with imprisonment or with imprisonment along with penalty may be proceeded against in the criminal Court but only with the previous approval of the Central Government or any other authority specified by the Central Government.