Rounding off
Section 11 of Additional Emoluments (Compulsory Deposit) Act, 1974 deals with rounding off. Where the amount of any credit to be made in any Deposit Account contains a part of a rupee, then, such part, if it is fifty paise or more, shall be increased to one complete rupee and if it Is less than fifty paise, it shall be ignored.
Where the amount of any credit to be made in any Deposit Account contains a part of a rupee, then, such part, if it is fifty paise or more, shall be increased to one complete rupee and if it Is less than fifty paise, it shall be ignored. CHAP MISCELLANEOUS CHAPTER III MISCELLANEOUS Amounts due to be first charge in the case of insolvency orliquidation of the employer. 12. Amounts due to be first charge in the case of insolvency or liquidation of the employer.
(1) Where any amount required by this Act to be credited to any Deposit Account or remitted to a nominated authority has not been so credited or remitted by any employer. the amount in respect of which such omission or failure was made, together with interest due thereon calculated at the rate specified in sub-section (1) of section 7, shall, in the event of the employer being adjudicated by any court to be insolvent or, being a company is ordered by any court to be wound up, be deemed to be first charge on the assets of the insolvent or of the company, as the case may be, and shall have priority over all other debts, and be paid in full. 507 (2) The court shall cause the sum which is required, under sub-section (1), to be paid in priority to all other debts to be remitted to the. nominated authority for crediting the same to the appropriate Deposit Account.
Section 11, Additional Emoluments (Compulsory Deposit) Act, 1974 (Act 37 of 1974).
Cross-references
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Questions about Section 11
What does Section 11 of the Additional Emoluments (Compulsory Deposit) Act deal with?
Section 11 of the Additional Emoluments (Compulsory Deposit) Act is headed "Rounding off". Where the amount of any credit to be made in any Deposit Account contains a part of a rupee, then, such part, if it is fifty paise or more, shall be increased to one complete rupee and if it Is less than fifty paise, it shall be ignored.
How do I find court cases under Section 11 of the Additional Emoluments (Compulsory Deposit) Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Additional Emoluments (Compulsory Deposit) Act 11, section 11 Additional Emoluments (Compulsory Deposit) Act, section 11 of the Additional Emoluments (Compulsory Deposit) Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 11 of the Additional Emoluments (Compulsory Deposit) Act, and has it changed?
Its own text turns on section 7, so none of them can safely be read on its own.
When was the Additional Emoluments (Compulsory Deposit) Act enacted?
Additional Emoluments (Compulsory Deposit) Act was enacted in 1974 as Act 37 of 1974. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
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