Caclculation of managerial remuneration

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CA Mukesh Mishra (Querist)
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20 June 2009 Sir, is derivative losses are considered for caclculating profit for managerial remuneration u/s.198 and 309 and 269?

Sanjeev Jain

Sanjeev Jain (Expert)
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22 June 2009 As far as my opinion is concerned i think it should be deducted while calculating the managerial remuneration if it is either the main object of the co. or part & Parcel of the activity of the co.

Parveen Bansal

Parveen Bansal (Expert)
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02 July 2009 Question to be addressed is whether derivative losses are usual working charges (section 349 (4))?

Whether working charges are usual or not has to be decided with reference to nature of transaction subject to the hedge.

In case derivatives are booked to hedge liabilities / commitments, it should be deducted.

In case derivatives are booked to speculate, it may not be deducted.

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