1.Difference between Universal Agent and General Agent???
2.Service provided in 2009 =Rs.5 Lacs and in 2010 its Rs.6 lacs. Is this service in the ambit of ST???
1 Replies
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5146 Points)
Replied 08 July 2013
A universal agent is a person authorized to transact all the business of his/ her principal of every kind. S/he authorized to perform all acts or duties which his/her principal is empowered to perform. Usually universal agents are appointed by a power of attorney.
A principal can have but one universal agent. S/he may have a general agent in each line of his business, and in each of several places. S/he may employ as many special agents as occasion may require. A universal agency is of very rare occurrence, the great majority of the cases being those which involve some form of general or special agency. [Baldwin v. Tucker, 112 Ky. 282 (Ky. 1901)].
When a corporation constitutes its president its universal agent, it is bound by any act of his acts. At least by all such as are within the corporate powers. [Petrolia Mfg. Co. v. Jenkins, 29 A.D. 403, 409 (N.Y. App. Div. 1898)].
Recent Topics
- Issue with refund for person who has filed for rel
- How to take ITC for October 2024 GST Payment in PM
- How to refund a wrong transaction Phone Pe?
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
Related Threads
CAclubindia
