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BUSINESS LAW &
TAXATION
IMSA-HYDERABAD
By Yasir Raza
MEANING OF LAW
Law
 The law is set of officials rules and regulation used to govern a society / community
/ county / group of people.
 Law is enforced by the state to regulate Business, protect the rights of people and
ensure justice in society. Law is necessary to maintain peace and order in society
Rules
 Rules are instructions for a place or situation
Regulations
 Regulations are standard laws issued by the Government
HOW THE RULE OF LAW MATTERS
No matter who we are or where we live, the rule of law affects us all.
It is the foundation for communities of justice, opportunity, and
peace—underpinning development, accountable government, and
respect for fundamental rights.
THE FOUR UNIVERSAL PRINCIPLES
HOW IS THE LAW MADE
Legislature
 A body of person vested with the power to make law and
repeal law
Parliament / Provincial Assembly
Executive
Governors / Chief Secretary and Administration
Judiciary
Supreme Court
High Court
District & Session Courts
BILL
•Bill is the proposal for legislation to be introduced in the legislative
Assembly
•Draft bill is originated from concern department
•Draft bill is scrutinized by Law Department in term of constitution
•Bill my be published for public opinion
•Bill is introduced in the House
•A Bill is passed if it agreed to by majority of members present
•A bill shall not lapsed due to prorogation of the house
ASSENTS TO THE BILL
When a Bill is passed it should be presented to the government for
his assent
Governor can return the bill for reconsideration
After Assent it is termed as an Act which shall be numbers and
publsiend in the official gazette for information of the public
SUBORDINATE LEGISLATION
Rules
Issued by the government as per power given in acts / ordinances
Bylaws / Regulations issued by other statutory agencies
BUSINESS LAW
•Business law is also known as commercial law or mercantile law
•It is a branch of law that governs and regulates trade and commerce.
It deals with the rights and obligation arising out of busies transition
•Source of Business law
• British Business Law
• Pakistan Inherited its legal system from British Pakistan Adopted Contract Act 1872, Sales Goods Act
1930, Partnership Act 1932 and Negotiable Instruments Act 1881
• Pakistani Law
• Pakistan passed new Law such as companies Act 2017, Liability Partnership Act 2017 and Various labor
law
• Judicial Decision
• The judicial decision and British, India and Pakistani courts are source of law.
• Customs and usages
• The customs and usage of particular Trade are an important source

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Business law & Taxation-1st Session.pptx

  • 2. MEANING OF LAW Law  The law is set of officials rules and regulation used to govern a society / community / county / group of people.  Law is enforced by the state to regulate Business, protect the rights of people and ensure justice in society. Law is necessary to maintain peace and order in society Rules  Rules are instructions for a place or situation Regulations  Regulations are standard laws issued by the Government
  • 3. HOW THE RULE OF LAW MATTERS No matter who we are or where we live, the rule of law affects us all. It is the foundation for communities of justice, opportunity, and peace—underpinning development, accountable government, and respect for fundamental rights.
  • 4. THE FOUR UNIVERSAL PRINCIPLES
  • 5.
  • 6. HOW IS THE LAW MADE Legislature  A body of person vested with the power to make law and repeal law Parliament / Provincial Assembly Executive Governors / Chief Secretary and Administration Judiciary Supreme Court High Court District & Session Courts
  • 7. BILL •Bill is the proposal for legislation to be introduced in the legislative Assembly •Draft bill is originated from concern department •Draft bill is scrutinized by Law Department in term of constitution •Bill my be published for public opinion •Bill is introduced in the House •A Bill is passed if it agreed to by majority of members present •A bill shall not lapsed due to prorogation of the house
  • 8. ASSENTS TO THE BILL When a Bill is passed it should be presented to the government for his assent Governor can return the bill for reconsideration After Assent it is termed as an Act which shall be numbers and publsiend in the official gazette for information of the public
  • 9. SUBORDINATE LEGISLATION Rules Issued by the government as per power given in acts / ordinances Bylaws / Regulations issued by other statutory agencies
  • 10. BUSINESS LAW •Business law is also known as commercial law or mercantile law •It is a branch of law that governs and regulates trade and commerce. It deals with the rights and obligation arising out of busies transition •Source of Business law • British Business Law • Pakistan Inherited its legal system from British Pakistan Adopted Contract Act 1872, Sales Goods Act 1930, Partnership Act 1932 and Negotiable Instruments Act 1881 • Pakistani Law • Pakistan passed new Law such as companies Act 2017, Liability Partnership Act 2017 and Various labor law • Judicial Decision • The judicial decision and British, India and Pakistani courts are source of law. • Customs and usages • The customs and usage of particular Trade are an important source