Audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 August 2010
whether it is compulsory to transfer to reserves in case dividend is declared by company out of accumulated profit of past yerr not transfer to reserves?
Aditya Maheshwari
(Expert)
24 August 2010
Yes the same is to be transferred as per Companies (Transfer of Profits to Reserves) Rules, 1975.
Manmohan ACA, CS
(Expert)
24 August 2010
In case dividend is declared by company out of accumulated profit
Either get Prior permission from Central Government
or
Transfer specified % to reserve as per Companies (Transfer of Profits to Reserves) Rules, 1975.
Either get Prior permission from Central Government
or
Transfer specified % to reserve as per Companies (Transfer of Profits to Reserves) Rules, 1975.
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