Compliance guides
Law · MCA
What is the board quorum under section 174?
Section 174 of the Companies Act, 2013 sets board quorum at one-third of total strength or two directors, whichever is higher. Video participation counts. A fraction rounds up to one.
Law · MCA
How long can a managing director serve?
Section 196 of the Companies Act, 2013 caps a managing director's term at five years, bars appointment below 21 or at 70 without a special resolution, and requires Form MR-1 within 60 days.
Law · MCA
Who must get a secretarial audit?
Who section 204 of the Companies Act, 2013 requires to annex a Form MR-3 secretarial audit report, the rule 9 thresholds of ₹50 crore, ₹250 crore and ₹100 crore, and the ₹2,00,000 penalty for default.
Law · MCA
What must the section 143 report state?
What section 143 of the Companies Act, 2013 requires in the auditor's report, when fraud of ₹1 crore or more goes to the Central Government in Form ADT-4, and the penalty for a missed fraud report.
Law · DPDP
What are the DPDP Act penalty limits?
The Schedule to the Digital Personal Data Protection Act, 2023 sets penalty ceilings from ₹10,000 to ₹250 crore. Section 33 lets the Board impose them only after a significant breach, and only once that provision is in force.
Law · Tax
Section 80D deduction: health insurance premium limit
What section 80D of the Income Tax Act allows: the ₹25,000 and ₹50,000 premium limits for self and parents, the senior-citizen rate, the preventive health check-up cap, and why it applies only under the old tax regime.
Law · Tax
Cash loan limit under sections 269SS and 269T
How sections 269SS and 269T of the Income Tax Act cap cash loans and deposits at ₹20,000, the modes allowed for taking and repaying, and the 100% penalty under sections 271D and 271E for a breach.
Law · Tax
Income from house property: how it is taxed
How income from house property is computed under the Income Tax Act: the annual value, the 30% standard deduction, the home loan interest deduction capped at ₹2,00,000 for a self-occupied house, and the set-off limit on house property loss.
Law · Sections
Section 123 Companies Act dividend declaration rules
How a company declares dividend under section 123 of the Companies Act, 2013: the sources it can pay from, the depreciation and reserve conditions, the 30-day deposit and payment window, and where a dividend cannot be paid.
Law · Tax
Section 80C deduction: what qualifies and the limit
What the section 80C deduction of the Income Tax Act covers, the aggregate limit shared with sections 80CCC and 80CCD(1), which investments and payments qualify, and why it applies only under the old tax regime.