Bare Act Search Results

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (PREPARATION OF FINANCIAL STATEMENTS AND AUDITOR'S REPORT OF INSURANCE COMPANIES)REGULATIONS, 2000 Complete Act

State: Central

Year: 2000

.....over the period of insurance because of the very nature of the risk covered e.g. some infrastructure projects involving varying degrees of risk factor. A deposit premium is paid in such cases at the beginning of the policy period and subsequently adjusted. The basis of determination of premium earned shall be adequately justified, preferably supported by external evidence such as by certification from an actuary and/or other technical experts. Adequate disclosure of such basis shall be made. 3. Premium deficiency.-Premium deficiency shall be recognised if the sum of expected claim costs, related expenses and maintenance costs exceed related unearned premiums. For contracts exceeding four years, once a premium deficiency has occurred, future changes to the liability shall be based on actuarial/technical evaluation. 4. Acquisition costs.-Acquisition costs, if any, shall be expensed in the period in which they are incurred. Acquisition costs are those costs that vary with, and are primarily related to, the acquisition of new and renewal insurance contracts. The most essential test is the obligatory relationship between costs and the execution of insurance contracts (i.e......

Coking Coal Mines (Nationalisation) Act, 1972 Section 22

Title: Statement of Accounts in Relation to the Period of Management by the Central Government, Etc

State: Central

Year: 1972

.....statement of accounts prepared under the section shall be audited by aperson who is qualified to be appointed as an auditor of a company under Section226 of the Companies Act, 1956, and the auditor so appointed shall receive, fromthe funds of the coking coal mine or coke oven plant, as the case may be suchremuneration as the Central Government may fix. (7)The audit of the statement of accounts shall be conducted in the manner as theCentral Government may direct. 2 [(8)The statement of accounts audited under sub-section (6) shall, unless thecontrary is provided, be conclusive proof in respect of every matter enteredtherein. Explanation.--For the purposes of this section,"statement of accounts" means a statement in the form of receipts andpayments, and does not include any statement that may be prepared as a result ofthe closing and balancing of the books for the preparation of the profit andloss account and balance-sheet or any statement prepared in accordance with thenormal commercial practice.] ________________________ 1.Substituted for sub-sec. (4) bythe Coal Mines Nationalisation Laws (Amdt.) Act (57 of 1986), S. 8 (w.r.e.f.1-5-1972). 2.Inserted by the Coal.....

Coal Mines (Nationalisation) Act, 1973 Section 19

Title: Statement of Accounts in Respect of the Period of Management by the Central Government, Etc

State: Central

Year: 1973

.....The statement of accounts prepared under this section shall be audited by a person who is qualified to be appointed as an auditor of a company under section 226 of the Companies Act, 1956, and the auditor so appointed shall receive from the funds of the coal mine, such remuneration as the Central Government may fix. (7) The audit of the statement of accounts shall be conducted in such manner as the Central Government may direct. 3 [(8) The statement of accounts audited under sub-section (6) shall, unless the contrary is proved, be conclusive proof in respect of every matter entered therein. Explanation.-- For the purposes of this section, "statement of accounts" means a statement in the form of receipts and payments, and does not include any statement that may be prepared as a result of the closing and balancing of the books for the preparation of the profit and loss account and balance-sheet or any statement prepared in accordance with the normal commercial practice.] ________________________ 1. 30-11-1974 is the specified date for the purpose of S. 19(3) and 19(4) and the proviso thereto- 2. Substituted by the Coal Mines Nationalisation Laws (Amendment) Act (57 of.....

Income Tax Act, 1961 Section 272A

Title: Penalty for Failure to Answer Questions, Sign Statements, Furnish Information, Returns or Statements, Allow Inspections, Etc.

State: Central

Year: 1961

.....of any proceedings under this Act, which an income-tax authority may legally require him to sign ; or (c) to whom a summons is issued under sub-section (1) of section 131 either to attend to give evidence or produce books of account or other documents at a certain place and time omits to attend or produce books of account or documents at the place or time ; or (d) 1[***] he shall pay, by way of penalty, 2[a sum of ten thousand rupees] for each such default or failure. (2) If any person fails (a) to comply with a notice issued under sub-section (6) of section 94 ; or (b) to give the notice of discontinuance of his business or profession as required by sub-section (3) of section 176 ; or (c) to furnish in due time any of the returns, statements or particulars mentioned in section 133 or section 206 or section 206C or section 285B ; or (d) to allow inspection of any register referred to in section 134 or of any entry in such register or to allow copies of such register or of any entry therein to be taken ; or 3[(e) to furnish the return of income which he is required to furnish under sub-section (4A) or sub-section (4C) of section 139 or to furnish it within the.....

Income Tax Act, 1961 Section 200A

Title: Processing of Statements of Tax Deducted at Source

State: Central

Year: 1961

.....or the amount of refund due to, the deductor shall be determined after adjustment of amount computed under clause (b) against any amount paid under section 200 and section 201, and any amount paid otherwise by way of tax or interest; (d) an intimation shall be prepared or generated and sent to the deductor specifying the sum determined to be payable by, or the amount of refund due to, him under clause (c); and (e) the amount of refund due to the deductor in pursuance of the determination under clause (c) shall be granted to the deductor: Provided that no intimation under this sub-section shall be sent after the expiry of one year from the end of the financial year in which the statement is filed. Explanation.--For the purposes of this sub-section, an incorrect claim apparent from any information in the statement shall mean a claim, on the basis of an entry, in the statement-- (i) of an item, which is inconsistent with another entry of the same or some other item in such statement; (ii) in respect of rate of deduction of tax at source, where such rate is not in accordance with the provisions of this Act; (2) For the purposes of processing of statements under.....

Income Tax Act, 1961 Section 258

Title: Power of High Court or Supreme Court to Require Statement to Be Amended (Omitted)

State: Central

Year: 1961

1[***] _________________________________ 1. Omitted by the National Tax Tribunal Act, 2005, with effect from 28th December, 2005. Prior to omission, section 258 stood as under: 258. Power of High Court or Supreme Court to require statement to be amended. If the High Court or the Supreme Court is not satisfied that the statements in a case referred to it are sufficient to enable it to determine the questions raised thereby, the Court may refer the case back to the Appellate Tribunal for the purpose of making such additions thereto or alterations therein as it may direct in that behalf.

Central Excise Act, 1944 Section 35-I

Title: Power of High Court or Supreme Court to Require Statement to Be Amended

State: Central

Year: 1944

1 [xxx] __________________________ 1. Omitted by the National Tax Tribunal Act, 2005. Prior to omission, it read as under: "35-I. Power of High Court or Supreme Court to require statement to be amended. -- If the High Court or the Supreme Court is not satisfied that the statements in a case referred to it are sufficient to enable it to determine the questions raised thereby, the Court may refer the case back to the Appellate Tribunal for the purpose of making such additions thereto or alterations therein as it may direct in that behalf.

Central Excise Act, 1944 Section 35G

Title: Statement of Case to High Court

State: Central

Year: 1944

.....as: "35G. (1) The Commissioner of Central Excise or the other party may within sixty days of the date upon which he is served with notice of an order under section 35C (not being an order relating among other things to the determination of any question having a relation to the rate of duty of excise or to the value of goods for purposes of assessment) by application in the prescribed form accompanied where the application is made by the other party by a fee of two hundred rupees require the Appellate Tribunal to refer to the High Court any question of law arising out of such order and subject to the other provisions contained in this section the Appellate Tribunal shall within one hundred and twenty days of the receipt of such application draw up a statement of the case and refer it to the High Court: Provided that the Appellate Tribunal may if it is satisfied that the applicant was prevented by sufficient cause from presenting the application within the period hereinbefore specified allow it to be presented within a further period not exceeding thirty days. (2) On receipt of notice that an application has been made under sub-section (1) the person against whom such.....

Companies Act, 1956 Section 44

Title: Prospectus or Statement Inlieu of Prospectus to Be Filed by Private Company on Ceasing to Be Private Company

State: Central

Year: 1956

.....a company, being a private company, alters its articles in such a manner that they no longer include the provisions which, under clause (iii) of sub-section (1) of section 3, are required to be included in the articles of a company in order to constitute it a private company, the company - (a) shall, as on the date of the alteration, cease to be a private company; and (b) shall, within a period of1[thirty] days after the said date, file with the Registrar either a prospectus or a statement in lieu of prospectus, as specified in sub-section (2). (2) (a) Every prospectus filed under sub-section (1) shall state the matters specified in Part I of Schedule II and set out the reports specified in Part II of that Schedule, and the said Parts I and II shall have effect subject to the provisions contained in Part III of that Schedule. (b) Every statement in lieu of prospectus filed under sub-section (1) shall be in the form and contain the particulars set out in Part I of Schedule IV, and in the cases mentioned in Part II of the Schedule, shall set out the reports specified therein, and the said Parts I and II shall have effect subject to the provisions contained in Part III of.....

Companies Act, 1956 Section 62

Title: Civil Liability for Mis-statements in Prospectus

State: Central

Year: 1956

.....where, under section 58, the consent of a person is required to the issue of a prospectus and he has given that consent, or where, under1[***]sub-section (3) of section 60, the consent of a person named in a prospectus is required and he has given that consent, he shall not, by reason of having given such consent, be liable under this sub-section as a person who has authorised the issue of the prospectus except in respect of an untrue statement, if any, purporting to be made by him as an expert. (2) No person shall be liable under sub-section (1), if he proves- (a) that, having consented to become a director of the company, he withdrew his consent before the issue of the prospectus, and that it was issued without his authority or consent; (b) that the prospectus was issued without his knowledge or consent, and that on becoming aware of its issue, he forthwith gave reasonable public notice that it was issued without his knowledge or consent; (c) that, after the issue of the prospectus and before allotment thereunder, he, on becoming aware of any untrue statement therein, withdrew his consent to the prospectus and gave reasonable public notice of the withdrawal and of.....