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₹ 500 to ₹ 600 per hour
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₹ 500 to ₹ 700
₹ 400 to ₹ 1,000
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Lesson Posted on 07/05/2018 Learn Exam Coaching/CA Coaching
Company Accounts - Preparation of Financial Statements
FR Prashanth Reddy
I enjoy teaching and interacting with students. Teaching is my passion, profession and hobby. Every student...
What are the Statutory Provisions relating to the Transfer of Profits to Reserves?
Answer:
As per companies Act, 2013 there is no requirement of minimum transfer of profits to reserves. The company can transfer any amount of profits to reserves as per its own judgement before paying dividends.
Depreciation is calculated from the period when the asset is put to use as per INCOME TAX Act.
Managerial Remuneration: Section 197 AND SCHEDULE V prescribes overall maximum managerial remuneration. Managerial personnel means directors on the board of directors.
|
Sl. No. |
Managerial Personnel |
% of Net Profits U/S SECTION 198 (Maximum) |
|
1. |
Overall (excluding fees for attending meetings) |
11% |
|
2. |
If there is one managerial personal |
5% |
|
3. |
If there is more than one managerial personnel |
10% |
|
4. |
Remuneration of part-time Directors: (a) If there is no manager or whole – time director (b) If there is a managing director of whole time director |
3% 1% |
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Asked on 28/04/2018
Asked on 28/04/2018
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