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  Here in this guide, let us understand the precise definition of section 12, specifically of the domestic violence act.  The domestic violence act ensures every woman has the right to be present when she resides in her matrimonial home. The show has specific provisions, certain features for the protection of women, to live in a violence-free environment after marriage.  There are criminal and civil provisions for the act; however, women can seek immediate civil remedies for such situations within 60 days. Aggrieved women can file against the male adult, who is the perpetrator who causes violence in their domestic relationship.  The act also speaks about any other relatives of the husband and male partner as the respondents seek remedies in their case. Now, let us move forward and know in detail about Section 12 of the domestic violence act.   About The Act The Salient features of the act include:   Ensuring the right to Residence under sec 17. Ensures ec...

  The concept of a small company got introduced in the companies act 2013. Here’s all you need to know about small companies as per the companies act 2013. Small companies are not registered with the specific name but are simply private companies with less investment and turnover than big companies. In a developing country like ours, the small company plays a significant role in developing the country. Let’s get into depth and understand what is a small company in the companies act 2013. What is a small company? A small company or small business, similar to any other company, is a private limited company, partnership, or sole proprietorship with one significant difference of low investment and turnover and few employees.  A small company makes less revenue as compared to big or regular-sized companies. The importance of the small company in our country is to contribute to generating profit to boost employment. Hence small companies are considered to be the backbone of the Indi...

For assets purchased on or after 1st April 2014, depreciation is applicable on such assets as per the companies act 2013. Here’s the basic idea of depreciation and calculating depreciation as per the companies act. Understanding depreciation Depreciation in the financial language is a measure of loss of value of an asset arising from the use of the asset, passage of time, or obsolescence either through the market or technical changes. In simpler terms, depreciation incorporates the decrease of the asset’s value resulting from its use, the passage of time, or modifications of any sort. For example, a car purchased in 2020 for Rs. 5,00,000 now has a value of Rs. 3,50,000 after a year. The loss of 1,50,000 is the depreciation applicable to the car. This depreciation can result from anything, like the car’s use, the passage of time, or a change in ownership or components of the car. In every accounting period, depreciation gets charged in a fair proportion of the depreciable amount during ...

  Here is a guide on how the Sarfaesi act works, what responsibility it gives to the financial institution, and how it occurs.   The Sarfaesi Act allows banks and financial institutions to auction residential and commercial properties for loan recovery. As the borrower fails to repay the amount when expected, the bank gets the allowance to take power and take action against the borrower.  In simple words, Sarfaesi Act gives banks the supreme power to reduce their non-performing assets byways of recovery and reconstruction.  Asset or Debt securitisation has proven to be the best process in stimulating aids into securities and securities into liquidity. It is done on a long term basis, as a continuous process, to increase business turnover, profits and provide flexibility. The flexibility is in pricing, size, pattern, risk and marketability.  What is Sarfaesi Act? The complete form of the Sarfaesi Act is Securitisation and Reconstruction of Financial Assets and En...

  The Pay Commission got set up to suggest feasible economic changes in central government employees’ payment structure. If you are a government employee and had a salary increment under the 7th pay commission and are unsure what the increment amount is, you have ended up at the correct place. Read on to know how to calculate increment in 7th pay commission . Updates on 7th pay commission More than 23 lakh pensioners to get the benefit of up to Rs. 18,000 The government revised the pension limits for teaching and non-teaching staff of central and state universities on recommendations from the seventh pay commission. This decision of the government will benefit 25,000 pensioners of all universities. The decision will also benefit 15 lakh non-teaching retired staff from the state, public, and affiliated universities. HRA structure has impacted inflation The increase in HRA for employees of the central government has impacted the Consumer Price Index (CPI) by nearly 35 basis points at...

  Set up by the Manmohan Singh led UPA Government under the chairmanship of Justice Ashok Kumar Mathur, Seventh Pay Commission was brought into existence on 28 February 2014. In this article, we discuss the 7th pay commission , key takeaways of the 7th pay commission, and the level in the 7th pay commission. What is the Pay Commission? An administrative mechanism or system appointed by the government to examine, review and recommend feasible and desirable changes in the government employees' salary structure is pay commission. The salary structure consists of everything an employee is given, including basic salary, allowance, bonus, other facilities or benefits in cash, etc. The pay commission gets set up to review and recommend changes of government employees of various departments, agencies, and services for the employees of the following categories: Personnel belonging to the Defense forces Central government employees, both industrial and non-industrial Officers and employees o...