Monopolies and Restrictive Trade Practices (MRTP) Act, 1969 was revoked and replaced by Competition Act, 2002. MRTP Act was enacted to deal with monopolistic, restrictive and unfair trade practices, but due to certain limitations, Competition Act was introduced, which changed the focus from curbing monopolies to promoting competition. Both the acts apply to whole India, except the state of Jammu and Kashmir. While the old act belongs to pre-liberalisation period, the new Act, came into force … [Read more...]

Law implies a system of rules, recognized by a country to regulate the actions of the citizens. On the other hand, Act is that segment of legislation, that deals with specific circumstances and people. Many use the two legal terms interchangeably, but there is notable difference between act and law, as the former is a subset of the latter. Laws plays a pivotal role in every country's legislation, i.e. whether we talk of market, factory, office, school or any any other place, it safeguards … [Read more...]

When it comes to legal proceedings, people highly juxtapose, the epithets 'lawyer' and 'attorney', as these two share a number of common characteristics. A lawyer is a person who studies law and gives legal advice to the clients. These are the members at the bar. On the other hand, an attorney is a person who is so appointed to act on behalf of the client, in legal matters. To become an attorney, there is no compulsion to clear the bar exam, but if one wants to become lawyer, it becomes … [Read more...]

One of the major concerns of the taxpayers, all around the world, is how to reduce their tax liability, without circumventing the law. There are two legitimate ways of reducing an assessee's tax liability, which is a tax deduction and tax credit. Tax Deductions are the claims, which can help in lowering the taxable income of the assessee, provided certain conditions are fulfilled. These can be claimed at the time filing income tax return. Due to some misconception, people juxtapose tax … [Read more...]

An assessee can reduce his/her tax liability, by legitimate means, in two ways - tax planning and tax avoidance. The tax planning is described as the arrangement of financial activities in a way that the assessee can avail maximum tax benefit by making best possible use of all the legal benefits, i..e deductions, exemptions etc. On the other hand, the tax avoidance is a technique of refraining from tax liability, through just and fair means, but intends to defeat the fundamental motive of the … [Read more...]

The chief advisor to the President of India is the Prime Minister, who heads the Council of Ministers and also decides, who will become members of the council. The Council of Ministers is divided into various categories, i.e., the Cabinet, Minister of State, Deputy Minister and Parliamentary Secretaries, based on their seniority and the political importance. It is quite common, that people interchange the terms Cabinet and Council of Ministers, and use it as if they are one and the same … [Read more...]

The President of the country is the first citizen, as well as the head of the State. On the other hand, the Prime Minister along with the other Council of Minister, heads the Government of the country, at the national level. Most of the people have doubts, regarding the roles, responsibilities, powers and authorities of the Prime Minister and President. But the fact is that the difference between the two executives relies on the country we are talking about, i.e. some countries have one or … [Read more...]

The fundamental difference between a money bill and finance bill is that a money bill can be introduced in only the lower house of parliament, i.e. Lok Sabha only, finance bill can be introduced in either of the two houses. Although money bill is a type of finance bill, most of the people use them interchangeably, but they differ in terms of their content. We often hear the term bill, but there are only a few people who actually know what the term means. A Bill refers to the proposal for a … [Read more...]

A void agreement is void ab-initio, in essence, it is null since it is formed. But on the other hand, a void contract is one that is valid at the time of creation but eventually becomes void, due to certain circumstances, which are beyond the control of parties concerned. In finer terms, it can be said that a void agreement, is always invalid, but if we talk about the void contract, is one that is enforceable in the beginning, but subsequently lacks it due to changes in government policy or … [Read more...]

An ordinary resolution is refers to a resolution, passed by the members of the company by a bare majority. A special resolution, on the other hand, is the resolution, that is affirmed by the members of the company by three-fourth majority. In a company, the items of business to be transacted at a GM (General Meeting), are presented as motions. The 'motion' refers to a proposal put forward, for discussion and adoption at the meeting. If the motion is approved unanimously, by the members … [Read more...]