Section 182 of companies act

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chandra mouli (Querist)

18 April 2019 How can an amendment in finance act can amend companies act( regarding removal of limit for political party contribution by a company ) ? As companies act can be amended only after the approval of rajya sabha but finance bill doesn't require rajya Sabah assent

Amol S Joglekar

Amol S Joglekar (Expert)

19 April 2019 What is the problem?
If Income tax Act can allow certain expenditure on payment basis e.g. sec 43B, it can do so with Companies Act.
What do you say?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

19 April 2019 Proviso to section 182(1) of the Companies Act,2013 is omitted vide Finance Act ,
2017 and not through the Companies Act,2013 or through the Companies (Meeting
of Board and its powers) Rules,2014. Since there is act and concerned rules why
it is amended through the Finance Act, that is being agitated by the querist.

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Message likes : 1 times

Amol S Joglekar

Amol S Joglekar (Expert)

19 April 2019 That is what I was trying to explain.
If income tax Act can take care of say P.F.Act, ESIC Act, Professional Tax Act of respective States etc., it can equally take care of Companies Act 2013 through Finance Act.

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