Managerial Remuneration

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Pankaj Shah

Pankaj Shah (Querist)

03 June 2009 If payment is within the limit of Section 198 then is disclosure required in Notes to Accounts

Manmohan ACA, CS

Manmohan ACA, CS (Expert)

03 June 2009 no

Ankur Garg

Ankur Garg (Expert)

10 June 2009 Disagree with Manmohan.
If payment is within the limit of Section 198 then also disclosure is required in Notes to Accounts.
Please find below the relevant extracts from Schedule VI of Companies Act, 1956

2[4. The profit and loss account shall also contain or give by way of a note detailed information, showing separately the following payments provided or made during the financial year to the directors (including managing directors), 13[***] or manager, if any, by the company, the subsidiaries of the company and any other person:-

(i) managerial remuneration under section 198 of the Act paid or payable during the financial year to the directors (including managing directors), 3[***] manager, if any;

(ii) 1[***];

(iii) 1[***];

(iv) 1[***];

4[(vi) other allowances and commission including guarantee commission (details to be given)];

(vii) any other perquisites or benefits in cash or in kind (stating approximate money value where practicable);

(viii) pensions, etc.,-
(a) pensions,

(b) gratuities,

(c) payments from provident funds, in excess of own subscriptions and interest thereon,

(d) compensation for loss of office,

(e) consideration in connection with retirement from office.]

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