Act and rules
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 June 2015
I want to know how to interpret an act and the rules. For instance, there are various Companies (Amendment) Rules which get amended on yearly basis like Rules 2014, then 2015. So which is to be referred? There are so many Rules. So I want to know how does all this work?
12 June 2015
Hello,
Act: Act is passed by the parliament of India or the respective legislative assemblies of the states. It has the highest authority. For example, the income tax act, 1961 is an act passed by the parliament.
Rules: Rules are framed by either the central government or the state governments. The government derives power to frame these rules from the respective act. For example, central government frames income tax rules because it gets power to do so from the income tax act.
Regulations: Regulations are passed by the respective authorities. For example, the authority for direct taxes is CBDT (Central Board for Direct Taxes) which frames direct taxes regulations.
To interpret act and rules, just keep in mind that the act has more authority than the rules. Hence act supersedes rules.
Even though rules are amended every year, please note that the rules which are in force at the time the event has taken place will be applicable to that event.
In case, the new rules framed later are passed in to effect with retrospective effect, then the new rules are applicable for events which have occurred earlier.
Act: Act is passed by the parliament of India or the respective legislative assemblies of the states. It has the highest authority. For example, the income tax act, 1961 is an act passed by the parliament.
Rules: Rules are framed by either the central government or the state governments. The government derives power to frame these rules from the respective act. For example, central government frames income tax rules because it gets power to do so from the income tax act.
Regulations: Regulations are passed by the respective authorities. For example, the authority for direct taxes is CBDT (Central Board for Direct Taxes) which frames direct taxes regulations.
To interpret act and rules, just keep in mind that the act has more authority than the rules. Hence act supersedes rules.
Even though rules are amended every year, please note that the rules which are in force at the time the event has taken place will be applicable to that event.
In case, the new rules framed later are passed in to effect with retrospective effect, then the new rules are applicable for events which have occurred earlier.
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 June 2015
Thanks a lot C.A. Atul. Glad you replied.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
