Page Contents
To initiate prosecution under Section 138, three condition precedents need to be fulfilled as below:
The prosecution can be launched against the payor and in the case where a company has committed an offence under Section 138, then not only the company but also every person who at the time when the offence was committed, was in charge of and was responsible to the company shall be deemed to be guilty of the offence and be liable to be proceeded against.
The Cabinet has approved an amendment to current law to allow for payment of an interim compensation in cheque dishonour cases with a view not to allow unscrupulous elements holding payments, pending long trial, sources said. An amendment to the Negotiable Instrument Act will allow a court to order for payment of an interim compensation ( interim compensation can be an amount not exceeding 20 per cent of the amount of the cheque) to those whose cheques have bounced due to dishonouring parties.
Overview of Practical Challenges in GST Filing Goods and Services Tax filing is not merely a procedural exercise of uploading… Read More
Family Pension: Meaning, Eligibility, Rules, Taxation Financial security is essential at every stage of life. While individuals build a retirement… Read More
ICAI ISSUES NEW CODE OF ETHICS FOR CA FIRM : SOP ON ADVERTISING, BRANDING & PROMOTION : EFFECTIVE 1 APRIL… Read More
What is an Registered Non-Profit Organisation under the Income-tax Act, 2025? A Registered Non-Profit Organization (RNPO) is a new, unified… Read More
Cancellation of Registration U/s 12AB – Statutory Grounds for Cancellation Consequences Registration under Section 12AB remains valid until its expiry… Read More
How Statutory Compliances Increase with Turnover (India) As businesses scale, regulatory obligations don’t rise linearly; they jump in slabs. Understanding… Read More