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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

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 SECTION 06: VALIDATION OF FORMER RULES [Repealed by the Repealing Act, 1870(14 of 1870) Central Bare Acts

PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850 Section 2

Title: Amount and kind of security, and with what sureties

State: Central

Year: 1850

In default of any Act having special reference to the office of any public accountant, the security given shall be of such amount and kind, real or personal, or both, and with such sureties (regard being had to the nature of the office), as shall be required by any rules made or to be made from time to time, by the authority by which each public accountant is appointed to his office,1[* * *] _________________________ 1. The words "subject to approval of the Governor or Governor in Council of the Presidency or place" were omitted by A.O., 1937 (1-4-1937).

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

PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850 Section 1

Title: Public accountants to give security

State: Central

Year: 1850

Every public accountant shall give security for the due discharge of the trusts of his office, and for the due account of all moneys which shall come into his possession or control, by reason of his office.

PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850 Section 4

Title: Prosecution of accountants and sureties

State: Central

Year: 1850

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.

PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850 Section 5

Title: Enactments applied to proceedings by and against accountants

State: Central

Year: 1850

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.

PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850 Section 6

Title: Validation of former rules

State: Central

Year: 1850

[Repealed by the Repealing Act, 1870 (14 of 1870)].

PUBLIC ACCOUNTANTS' DEFAULT ACT, 1850 Section 3

Title: Public accountant" defined

State: Central

Year: 1850

1[3. Public accountant" defined For the purposes of sections 1 and 2 of this Act, the expression "public accountant" means any person who as Official Assignee or Trustee, or as sarbarahkar, is entrusted with the receipt, custody or control of any moneys or securities for money, or the management of any lands belonging to any other person or persons, and for the purposes of Sections 4 and 5 of this Act the expression shall also include any person who, by reason of any office held by him in the service of2[the Central Government or the Government or the Government of a3[* *] State], is entrusted with the receipt, custody or control of any moneys or securities for money, or the management of any lands belonging4[to such Government]] _________________________ 1. Substituted for the original section 3, by A.O., 1937 (1-4-1937). 2. Substituted for the words "the Crown in India" by A.L.O., 1950 (26-1-1950). 3. The words "Part A" were omitted by 2 A.L.O., 1956 (1-11-1956). 4. Substituted the words "to the Crown", by 2 A.L.O. 1956O., 1956 (1-11-1956).

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.....