managerial calculation 1

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Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2010 Example Co has profit Rs 80 mn, remu paid to director is 4.8 mn.
5% of profit is Rs 4mn so he has exceeded part I limits , he automatically falls in part II limit, as per schedule XIII limits say Comapny's effective capital is above 100 crores so then he is allowed to be given 4.8 mn per year right, then no excess remu?

Ajay Mishra

Ajay Mishra (Expert)
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03 September 2010 Dear Friend

If your company’s effective capital is 1 crore but less than Rs. 5 crores, company can pay monthly remuneration up to Rs. 2 lakh to its managerial personnel in accordance with the provisions of Clause B of Section II of Part II of Schedule XIII of the Companies Act, 1956.

Regards
CS Ajay Mishra

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