TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Company fraud involving ?10 lakh or 1% turnover threshold: tougher jail and fines; definitions cover wrongful gain and loss</h1> Prescribes criminal punishment for fraud in relation to the affairs of a company or body corporate, without prejudice to any other liability including repayment of debt under the Act or any other law. Where the fraud involves at least ten lakh rupees or one per cent of the company's turnover (whichever is lower), the offender is punishable with imprisonment of six months to ten years and a fine ranging from the amount involved up to three times that amount, with a minimum imprisonment of three years where public interest is involved. Where the fraud is below that threshold and does not involve public interest, punishment may extend to five years' imprisonment or a fine up to fifty lakh rupees, or both. Defines 'fraud', 'wrongful gain', and 'wrongful loss'.
TaxTMI 
TaxTMI 
