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PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850 Preamble 1

Title: PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850

State: Central

Year: 1850

THE PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850 [Act, No. 12 of 1850] [22th March, 1850] For avoiding loss by the default of Public Accountants.1 PREAMBLE For better avoidance of loss through the default of public accountants : It is enacted as follows:-- _________________________ 1 . Short title given by the Indian Short Titles Act, 1897 (14 of 1897).

PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850 Complete Act

Title: PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850

State: Central

Year: 1850

Preamble1 - PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850 Section1 - Public accountants to give security Section2 - Amount and kind of security, and with what sureties Section3 - Public accountant" defined Section4 - Prosecution of accountants and sureties Section5 - Enactments applied to proceedings by and against accountants Section6 - Validation of former rules

Income Tax Act, 1961 Section 220

Title: When Tax Payable and when Assessee Deemed in Default

State: Central

Year: 1961

.....the end of the period mentioned in sub-section (1) and ending with the day on which the amount is paid : Provided that, where as a result of an order under section 154, or section 155, or section 250, or section 254, or section 260, or section 262, or section 264 or an order of the Settlement Commission under sub-section (4) of section 245D, the amount on which interest was payable under this section had been reduced, the interest shall be reduced accordingly and the excess interest paid, if any, shall be refunded : Provided further that in respect of any period commencing on or before the 31st day of March, 1989 and ending after that date, such interest shall, in respect of so much of such period as falls after that date, be calculated at the rate of one and one-half per cent for every month or part of a month. (2A) Notwithstanding anything contained in sub-section (2), the Chief Commissioner or Commissioner may reduce or waive the amount of interest paid or payable by an assessee under the said sub-section if he is satisfied that (i) payment of such amount has caused or would cause genuine hardship to the assessee ; (ii) default in the payment of the amount on.....

Wealth-tax Act, 1957 Section 31

Title: When Tax, Etc., Payable and when Assessee Deemed in Default

State: Central

Year: 1957

.....4 of 1988, section 127, for "Inspecting Assistant Commissioner" w.e.f. 1-4-1988. 6.Substituted for "one and one-fourth per cent." by The Taxation Laws (Amendment) Act, 2003 (54 of 2003) w.e.f 08.09.2003 7.Inserted by The Finance Act, 2000, section 74 w.e.f. 1-6-2000. 8.Inserted by Act 4 of 1988, section 148(b)(ii) w.e.f. 1-4-1989. 9.Inserted by Act 4 of 1988, section 148(b)(iii) w.e.f. 1-4-1989. 10.Inserted by Act 67 of 1984, section 66(b) w.e.f. 1-10-1984. 11.Substituted by Act 4 of 1988, section 88(a)(i), for "the Board may" w.e.f. 1-4-1987. 12.Substituted by Act 11 of 1987, section 127, for "Commissioner" w.e.f. 1-4-1988. 13.Substituted by Act 11 of 1987, section 88(A)(ii), for "interest payable by an assessee" w.r.e.f. 1-10-1984. 14.Substituted by Act 11 of 1987, section 88(a)(iii), for certain words w.e.f. 1-4-1987. 15.Substituted by Act 11 of 1987, section 88(b), for clauses (i) and (ii) w.e.f. 1-10-1984. 16.Substituted by Act 4 of 1988, section 127, for "Wealth-tax Officer" w.e.f. 1-4-1988. 17.Inserted by the Finance Act, 2000, section 74 w.e.f. 1-6-2000.

Chit Funds Act, 1982 Section 30

Title: Amounts Due to Defaulting Subscribers

State: Central

Year: 1982

.....before the date of the next succeeding instalment, in a separate identifiable account in an approved bank mentioned in the chit agreement, an amount equal to the contributions made by the defaulting subscriber less such deductions as may be provided for in the chit agreement, and shall inform the defaulting subscriber as well as the Registrar of the fact of such deposit and shall not withdraw the amount so deposited except for payment to the defaulting subscriber. (2) The amount so deposited under sub-section (1) shall be paid to the defaulting subscriber as and when he claims the amount and the amount so deposited shall not be withdrawn by the foreman for any purpose other than for such payment. (3) The contributions of any defaulting subscriber who has not been substituted till the termination of the chit shall be paid to him within fifteen days from the date of termination of the chit subject to such deductions as may be provided for in the chit agreement.

Income Tax Act, 1961 Section 221

Title: Penalty Payable when Tax in Default

State: Central

Year: 1961

.....further amount or amounts as the Assessing Officer may, from time to time, direct so, however, that the total amount of penalty does not exceed the amount of tax in arrears : Provided that before levying any such penalty, the assessee shall be given a reasonable opportunity of being heard : Provided further that where the assessee proves to the satisfaction of the Assessing Officer that the default was for good and sufficient reasons, no penalty shall be levied under this section. Explanation : For the removal of doubt, it is hereby declared that an assessee shall not cease to be liable to any penalty under this sub-section merely by reason of the fact that before the levy of such penalty he has paid the tax. (2) Where as a result of any final order the amount of tax, with respect to the default in the payment of which the penalty was levied, has been wholly reduced, the penalty levied shall be cancelled and the amount of penalty paid shall be refunded.

Chit Funds Act, 1982 Section 28

Title: Removal of Defaulting Subscribers

State: Central

Year: 1982

(1) A non-prized subscriber who defaults in payment his subscription in accordance with the terms of the chit agreement shall be liable to have his name removed from the list of subscribers and a written notice of such removal shall be given by the foreman to the defaulting subscriber within fourteen days of the date of such removal: Provided that if the defaulter pays the defaulted instalment with interest at such rate as may be prescribed within seven days of the date of receipt of such notice, his name shall be re-entered in the list of such subscribers. (2) Every such removal under sub-section (1), shall, with the date thereof, be entered in the relevant book maintained by the foreman. (3) A true copy of the entry referred to in sub-section (2) shall be filed by the foreman with the Registrar within fourteen days from the date of removal. (4) Any defaulting subscriber aggrieved by the removal of his name from the list of subscribers may, within seven days of the date of receipt of the notice of removal refer the matter to the Registrar for arbitration under section 64.

Karnataka Protection Oe Interest of Depositors in Financial Establishments Act, 2004 Section 9

Title: Fraudulent Default by Financial Establishment

State: Karnataka

Year: 2004

.....of the Court, the imprisonment shall not be less man three years and the fine shall not be less than twenty thousand rupees as against each individual and not less than one lakh of rupees against such financial establishment. Explanation.--For the purpose of this section a financial establishment, which commits default in repayment of such deposit with such benefits in form of interest, bonus, profit or in any other form as promised or fails to render any specific service promised against such deposit, or fails to render any specific service agreed against the deposit with an intention of causing wrongful gain to one person or wrongful loss to another person or commits such defaults due to its inability arising out of impracticable or commercially not viable promises made while accepting such deposit or arising out of deployment of money or assets out of the deposits in such manner as it involves inherent risk in recovering the same when needed shall, be deemed to have committed a default or failed to render the specific service, fraudulently.

Karnataka Municipalities Act, 1964 Section 264

Title: Municipal Council in Default of Owner or Occupier May Execute Work and Recover Expense

State: Karnataka

Year: 1964

.....works scheme has been commenced by any municipal council, it shall be lawful for the municipal council, without prejudice to its powers under sub-section (1) of section 195 or any other provision of this Act, to make a special agreement with the owner of any building or land as to the manner in which the drainage or water connection thereof shall be carried out and the pecuniary or other assistance, if any, which the municipal council shall render, and any payment agreed upon by the owner shall be recovered in accordance with the terms of such agreement, or in default, in the manner described in sub-sections(2) and (3): (b) when an order has been passed under sub-section (1) of section 176, or under sections 193, 195, 199 or 200 or when permission has been given under section 196 or when an agreement has been made under proviso (a) of this sub-section, the municipal council may without prejudice to any other powers under this Act, if it thinks fit, declare any expenses incurred as aforesaid by the municipal council to be improvement expenses and the improvement expenses shall be a charge upon the premises or land and shall be levied in such instalments as the municipal.....

PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850 Complete Act

State: Central

Year: 1850

.....of any lands belonging6[to such Government].]State Amendments SECTION 04: PROSECUTION OF ACCOUNTANTS AND SURETIES The person or persons at the head of the office to which any public accountant belongs may proceed against any such public accountant and his sureties for any loss or defalcation in his accounts, as if the amount thereof were an arrear of land-revenue due to Government. SECTION 05: ENACTMENTS APPLIED TO PROCEEDINGS BY AND AGAINST ACCOUNTANTS All Regulations and Acts now or hereafter to be in force for the recovery of arrears of land -revenue due to Government, and for recovery of damages by any person wrongfully proceeded against for any such arrears shall apply, with such changes in the forms of procedure as are necessary to make them applicable to the case, to the proceedings against and by such public accountant. SECTION 06: VALIDATION OF FORMER RULES [Repealed by the Repealing Act, 1870(14 of 1870) Central Bare Acts