Preferential payments u/s 530 ?
This query is : Resolved
CA Sahil Singla..
(Querist)
03 September 2011
Sir
Both Sec 529A & Sec 530 talks about dues of workmen of Company. But that is the difference between the two ?
How can one know that a particular amount due to worker is covered u/s 529A or 530 ?
Both Sec 529A & Sec 530 talks about dues of workmen of Company. But that is the difference between the two ?
How can one know that a particular amount due to worker is covered u/s 529A or 530 ?
Hari Beldona
(Expert)
03 September 2011
In the winding up of a company preferential payment is to be made like taxes,cess rates due by the company to central government or state government or local authority in priority to all other debts. This is elucidated in section 530
Section 529A is overriding preferential payment (that is of workmen dues etc)
It means Section 529A is superior to section 530 in layman's language.
Section 529A is overriding preferential payment (that is of workmen dues etc)
It means Section 529A is superior to section 530 in layman's language.
Message likes :
2 times
CA Sahil Singla..
(Querist)
04 September 2011
Thnaks. SIr.
So, it can be said that though payment is made to employees as per Sec 529A to the extent of Secured with secured creditors, after that remanining left Workmen dues comes under 530.
So, it can be said that though payment is made to employees as per Sec 529A to the extent of Secured with secured creditors, after that remanining left Workmen dues comes under 530.
Hari Beldona
(Expert)
04 September 2011
Mr Singla
Employee covers even workman after that taxes due to the government etc will come subsequently. Please read both sections carefully you will notice the difference and understand crux.
Wish you good luck.
Mr Singla
Employee covers even workman after that taxes due to the government etc will come subsequently. Please read both sections carefully you will notice the difference and understand crux.
Wish you good luck.
Message likes :
1 times
CA Sahil Singla..
(Querist)
04 September 2011
Ok Sir. Thanks for the support.
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
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
