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  1. 1. Business And Industrial Laws <ul><li>Legal Framework for Business Entity </li></ul><ul><li>Indian Contract Act,1872 </li></ul><ul><li>Indian Joint Stock Companies Act,1956 </li></ul><ul><li>Indian Partnership Act,1932 </li></ul><ul><li>Indian Factories Act,1948 </li></ul><ul><li>Indian Income Tax Act,1961 </li></ul>
  2. 2. Indian Contract Act, 1872 <ul><li>Definition :- </li></ul><ul><li>A contract is a legally enforceable agreement between two or more parties with mutual obligations, which may or may not have elements in writing. ... </li></ul>
  3. 3. Essential of Valid Contract :- <ul><li>1.  Intention to create legal relationship. 2.  Lawful object 3.  Agreement not expressly declared void 4.  Proper offer and it s acceptance 5.  Free Consent 6.  Capacity of parties to contract 7.  Certainty of meaning. 8.  Possibility of performance. 9.  Lawful consideration 10.  Legal formalities </li></ul>
  4. 4. Classification of Contract <ul><li>According to enforceability:- </li></ul><ul><li>Valid Contract </li></ul><ul><li>Void Contract </li></ul><ul><li>Voidable Contract </li></ul><ul><li>According to formation:- </li></ul><ul><li>Express Contract </li></ul><ul><li>Implied Contract </li></ul><ul><li>Quasi-Contract </li></ul><ul><li>According to performance :- </li></ul><ul><li>Unilateral Contract </li></ul><ul><li>Bilateral Contract </li></ul><ul><li>Executed Contract </li></ul>
  5. 5. Meaning of Agreement, Offer And Acceptance <ul><li>Agreement: - </li></ul><ul><li>A negotiated and usually legally enforceable understanding between two or more legally competent parties. </li></ul><ul><li>Offer And Acceptance:- </li></ul><ul><li>Offer is a common word in general use for presenting something to be accepted or rejected. </li></ul>
  6. 6. Essential for a valid offer <ul><li>The offer must be communicated to the other party </li></ul><ul><li>The offer must be made with a view to obtain the consent of the offeree </li></ul><ul><li>The offer must have its terms definite and clear </li></ul><ul><li>The offer must be capable of creating legal relationship </li></ul><ul><li>The offer must express the final willingness of the offeror </li></ul><ul><li>The offer must be distinguished from an answer to a question </li></ul><ul><li>The offer may be made to the world at large </li></ul><ul><li>The offer may be positive and negative </li></ul><ul><li>The offer may be express and implied </li></ul>
  7. 7. Essential for a valid Acceptance <ul><li>The acceptance may be communicated </li></ul><ul><li>The acceptance must be communicated to the offeror himself </li></ul><ul><li>The acceptance must be communicated by a person who has authority to accept </li></ul><ul><li>The acceptance must be absolute and unqualified </li></ul><ul><li>The acceptance must be in the prescribed manner </li></ul><ul><li>The acceptance must be given before the lapse of offer </li></ul><ul><li>The Acceptance may be express and implied </li></ul><ul><li>The acceptance can not be presumed from silence </li></ul>
  8. 8. Free Consent <ul><li>The term ‘Free Consent’ may be define d as the consent which is obtained by the free will of the parties , and neither party was forced or induced to give his consent. If the consent is there but it is not free or real , then the contract will be voidable at the option of the party whose consent is not free. </li></ul>
  9. 9. Elements which affect the consent of the parties <ul><li>Coercion </li></ul><ul><li>Undue Influence </li></ul><ul><li>Fraud </li></ul><ul><li>Misrepresentation </li></ul><ul><li>Mistake </li></ul>
  10. 10. Indian Joint Stock Companies Act,1956 <ul><li>Definition:- </li></ul><ul><li>Company is a voluntary association of persons formed for the purpose of doing business having a distinct name and limited liability. </li></ul>
  11. 11. Formation and Incorporation of a company <ul><li>Introduction :- </li></ul><ul><li>The process of formation and Incorporation of a company is somewhat complex and time consuming one as compared to the process of formation of partnership firm or any other organisation . </li></ul>
  12. 12. Process of company formation <ul><li>Promotion </li></ul><ul><li>Registration or Incorporation </li></ul><ul><li>Capital Subscription </li></ul><ul><li>Commencement of business </li></ul>
  13. 13. Kinds of Joint Stock Company <ul><li>Chartered Companies </li></ul><ul><li>Statutory Companies </li></ul><ul><li>Registered Companies </li></ul><ul><li>a) Private Companies </li></ul><ul><li>b) Public Companies </li></ul><ul><li>Government Company </li></ul><ul><li>Foreign Companies </li></ul><ul><li>Holding Company and Subsidiary Company </li></ul><ul><li>Company Limited by Shares </li></ul><ul><li>Company Limited by Guarantee </li></ul><ul><li>Unlimited Company </li></ul>
  14. 14. Articles of Association <ul><li>Definition of Article of Association:- </li></ul><ul><li>Articles of Association as a document regulating the right of members of the company among themselves and the manners in which the business of the company shall be conducted. </li></ul>
  15. 15. Contents of Articles of Association <ul><li>Share capital , kinds of shares and the right and privileges of the shareholders. </li></ul><ul><li>Rules as to share certificates. </li></ul><ul><li>Rules as to forfeiture of shares. </li></ul><ul><li>Share warrants. </li></ul><ul><li>Rules as to general meetings. </li></ul><ul><li>Rules as to accounts and audit. </li></ul><ul><li>Voting right and proxies. </li></ul><ul><li>Transfer and transmission of shares. </li></ul>
  16. 16. Memorandum of Association <ul><li>Definition of Memorandum of Association:- </li></ul><ul><li>A company's Memorandum of Association, often simply called the memorandum, is the document that governs relations between the company and the outside world. It is one of the documents required to incorporate a company.   </li></ul>
  17. 17. Contents of Memorandum <ul><li>Name Clause </li></ul><ul><li>Domicile Clause </li></ul><ul><li>Objects Clause </li></ul><ul><li>Liability Clause </li></ul><ul><li>Capital Clause </li></ul><ul><li>Association clause Subscription </li></ul>
  18. 18. Meaning of Prospectus <ul><li>A prospectus is a document which contains the detailed information about the company and through which he company invites the public for subscribing to its share capital and debenture. </li></ul>
  19. 19. Contents of Prospectus <ul><li>General Information </li></ul><ul><li>Capital Structure </li></ul><ul><li>Company and its management </li></ul><ul><li>Outstanding litigations, if any </li></ul><ul><li>Other information </li></ul>
  20. 20. Kinds of Company Meetings <ul><li>I . Meetings of Members II. Meetings of the Board </li></ul><ul><li>A. Statutory Meeting of Director </li></ul><ul><li>B. Annual General Meeting </li></ul><ul><li>C. Extraordinary General </li></ul><ul><li>Meeting </li></ul><ul><li>D. Class Meeting III. Other Meetings A. Meeting of debenture </li></ul><ul><li>holders </li></ul><ul><li>B. Meeting of creditors </li></ul>
  21. 21. Indian Partnership Act,1932 <ul><li>Definition of partnership:- </li></ul><ul><li>A partnership is an association of two or more persons to carry on, as co-owners , a business and to share its profits and losses. </li></ul><ul><li>Partnership Deed :- </li></ul><ul><li>A Partnership Deed is a document which contain the right and obligation of the partners. It is signed by all the partners and stamped in accordance with the Indian Stamps Act. </li></ul>
  22. 22. Characteristics of partnership <ul><li>There must be a contract </li></ul><ul><li>Two or more persons </li></ul><ul><li>Object of sharing profit </li></ul><ul><li>Unlimited liability </li></ul><ul><li>No transfer of interest </li></ul><ul><li>To agree to carry on a business </li></ul>
  23. 23. Contents of partnership deed <ul><li>Name of firm. </li></ul><ul><li>Name and address of partner. </li></ul><ul><li>Nature of business and the place where it is situated. </li></ul><ul><li>Profit sharing ratio. </li></ul><ul><li>Duties , powers and obligation of partner. </li></ul><ul><li>Capital contribution by each partner . </li></ul><ul><li>Provision about dissolution of the firm. </li></ul><ul><li>Expulsion of partner. </li></ul><ul><li>Salaries and commission to be paid to partners. </li></ul>
  24. 24. Kinds Of Partners <ul><li>Active Partner </li></ul><ul><li>Sleeping partner </li></ul><ul><li>Silent Partner </li></ul><ul><li>Partners in the profits only </li></ul><ul><li>Sub-partner </li></ul><ul><li>Minor partner </li></ul><ul><li>Partner by estoppel or holding out </li></ul>
  25. 25. Rights of Partner <ul><li>Rights:- </li></ul><ul><li>Right to take part in business. </li></ul><ul><li>Right to be consulted. </li></ul><ul><li>Right to access to books of accounts. </li></ul><ul><li>Right to share profits. </li></ul><ul><li>Right to get interest on capital. </li></ul><ul><li>Right to use firm’s property. </li></ul><ul><li>Right to retire from the firm. </li></ul>
  26. 26. Duties of Partner <ul><li>Duties:- </li></ul><ul><li>To carry on business to great common advantage. </li></ul><ul><li>To render true account. </li></ul><ul><li>To give full information. </li></ul><ul><li>To indemnify for loss due to fraud or negligence. </li></ul><ul><li>To be faithful. </li></ul><ul><li>To attend diligently. </li></ul><ul><li>To share losses. </li></ul>
  27. 27. Reconstruction of Firm <ul><li>Introduction:- </li></ul><ul><li>The term ‘reconstruction of a firm ‘ may be defined as a change in the constitution of the firm . </li></ul><ul><li>The constitution of the firm may change by any one of the following events :- </li></ul><ul><li>Admission of a partner [section 31] </li></ul><ul><li>Retirement of a partner [section32] </li></ul><ul><li>Expulsion of a partner [section 33] </li></ul><ul><li>Insolvency of a partner [section 34] </li></ul><ul><li>Death of a partner [section 35] </li></ul>
  28. 28. The constitution of the firm may change by any one of the following events : <ul><li>Admission of a partner [section 31] </li></ul><ul><li>Retirement of a partner [section32] </li></ul><ul><li>Expulsion of a partner [section 33] </li></ul><ul><li>Insolvency of a partner [section 34] </li></ul><ul><li>Death of a partner [section 35] </li></ul>
  29. 29. Dissolution of Firm <ul><li>Introduction:- </li></ul><ul><li>The term ‘dissolution of firm ‘ may be defined as putting an end to partnership between all the partners i.e closing down the firm as whole. </li></ul>
  30. 30. Modes of dissolution of a firm <ul><li>Without the intervention of court </li></ul><ul><li>With the intervention of court </li></ul><ul><li>By consent of all the partner </li></ul><ul><li>By contract between the partner </li></ul><ul><li>Compulsory dissolution </li></ul><ul><li>Dissolution by notice </li></ul><ul><li>Dissolution on the happening of certain contingencies </li></ul><ul><li>Insanity of a partner </li></ul><ul><li>Permanent incapacity of a partner </li></ul><ul><li>Misconduct of a partner </li></ul><ul><li>Persistence breach of agreement </li></ul><ul><li>Transfer of intrest </li></ul><ul><li>Perpetual losses in business </li></ul>
  31. 31. Indian Factories Act,1948 <ul><li>Definition of Factory:- </li></ul><ul><li>Factory means any premises including </li></ul><ul><li>thereof:- </li></ul><ul><li>Whereon ten or more workers are working on any day of the preceding twelve months and in any part of which a manufacturing process is carried on with the aid of power or is ordinarily so carried on. </li></ul>
  32. 32. Contents of Factory <ul><li>Manufacturing Process:- </li></ul><ul><li>Manufacturing Process means any process involving making ,alteration, repairing, finishing and article to make it usable. </li></ul><ul><li>Worker :- </li></ul><ul><li>The worker means a person employed directly or through any agency in any manufacturing process or clearing any part of machinery and any other work connected with factory. </li></ul>
  33. 33. <ul><li>Adolescent </li></ul><ul><li>Child </li></ul><ul><li>Young Person </li></ul><ul><li>Calendar year </li></ul><ul><li>Day </li></ul><ul><li>Week </li></ul><ul><li>Power </li></ul><ul><li>Occupier </li></ul><ul><li>Relay and shift </li></ul>
  34. 34. Provisions Relating to the Health of the Workers <ul><li>Cleanliness (sec.11) </li></ul><ul><li>Disposal of wastes and effluents (sec.12) </li></ul><ul><li>Ventilation and Temperature (sec.13) </li></ul><ul><li>Dust and fumes (sec.14) </li></ul><ul><li>Artificial humidification (sec.15) </li></ul><ul><li>Overcrowding (sec.16) </li></ul><ul><li>Lighting (sec.17) </li></ul><ul><li>Drinking Water (sec.18) </li></ul><ul><li>Latrines and Urinals (sec.19) </li></ul>
  35. 35. Provisions Relating to the Welfare of the Workers <ul><li>Washing facilities (sec.42) </li></ul><ul><li>Storing and Drying facilities (sec.43) </li></ul><ul><li>Facilities for Sitting (sec.44) </li></ul><ul><li>First-Aid appliances (sec.45) </li></ul><ul><li>Canteens (sec.46) </li></ul><ul><li>Shelters , rest rooms and lunch rooms (sec.47) </li></ul><ul><li>Welfare Officers (sec.49) </li></ul><ul><li>Power to make rules (sec.50) </li></ul>
  36. 36. Provisions Relating to the Safety of Workers <ul><li>Fencing of machinery (sec.21) </li></ul><ul><li>Work on or near machinery in motion (sec.22) </li></ul><ul><li>Employment of young persons on dangerous machines (sec.23) </li></ul><ul><li>Striking gear and devices for cutting off power (sec.24) </li></ul><ul><li>Self-acting machine (sec.25) </li></ul><ul><li>Casing of new machinery (sec.26) </li></ul><ul><li>Hoists and lifts (sec.27) </li></ul><ul><li>Revolving Machinery (sec.28) </li></ul><ul><li>Excessive Weights (sec.34) </li></ul><ul><li>Protection of eyes (sec.35) </li></ul><ul><li>Precaution in case of fire (sec.38) </li></ul>
  37. 37. Provisions Relating to the Leaves and working hours of Workers <ul><li>Working Hours of adult workers </li></ul><ul><li>Working hours for children </li></ul><ul><li>Leave with wages:- </li></ul><ul><li>a) For an adult worker </li></ul><ul><li>b) For a child </li></ul>
  38. 38. Indian Income Tax Act,1961 <ul><li>Definition of person:- </li></ul><ul><li>An individual , agency , association , branch , corporation , estate , group , partnership , or other entity or organization having legal rights and responsibilities separate from those of other entities and/or of its owners or members . See also juridical person . </li></ul>
  39. 39. Determination of Residential Status <ul><li>Assessee :- </li></ul><ul><li>Individual </li></ul><ul><li>Condition to be a Resident :- </li></ul><ul><li>Assessee satisfies any one condition of sec. 6(1) </li></ul><ul><li>i.e.   </li></ul><ul><li>a) He is in India in the previous year for a period of 182 days or more; or </li></ul><ul><li>b) He is in India for a period of 60 days or more during the previous year and 365 days or more during 4 previous years immediately preceding the relevant previous year. </li></ul>
  40. 40. Computation of taxable income from salary:- Particular Amount Basic 200000 HRA 100000 Special Allowance 200000 Conveyance 15000 Miscellaneous Earning 10000 Other Allowances 25000 Total Earning 550000 Gross Salary Tax Calculation Gross Salary 550000 Add Bonus 50000 Taxable LTA 10000 60000 610000 Less HRA 100000 Conveyance 9600 109600 500400 Total Gross Salary Less Professional Tax 0 0 500400 Net Salary Less Invest U/S 80C PF & VPF 25000 PPF/NSC/ NSCI 50000 MF/Other S-88 50000 125000 100000 400400 Taxable Income