sec 314- place of profit
This query is : Resolved
Balaji K S
(Querist)
04 March 2009
what is meant by place of profit mentioned in sec 314 of comp act...??
Neha Singhi
(Expert)
04 March 2009
Subsection 3 says: Any office or place shall be deemed to be an office or place of profit under the company within the meaning of this section],—
(a) in case the office or place is held by a director, if the director holding it 32-33[obtains from the company anything] by way of remuneration over and above the remuneration to which he is entitled as such director, whether as salary, fees, commission, perquisites, the right to occupy free of rent any premises as a place of residence, or otherwise ;
(b) in case the office or place is held by an individual other than a director or by any firm, private company or other body corporate, if the individual, firm, private company or body corporate holding it obtains from the company anything by way of remuneration whether as salary, fees, commission, perquisites, the right to occupy free of rent any premises as a place of residence, or otherwise.
(a) in case the office or place is held by a director, if the director holding it 32-33[obtains from the company anything] by way of remuneration over and above the remuneration to which he is entitled as such director, whether as salary, fees, commission, perquisites, the right to occupy free of rent any premises as a place of residence, or otherwise ;
(b) in case the office or place is held by an individual other than a director or by any firm, private company or other body corporate, if the individual, firm, private company or body corporate holding it obtains from the company anything by way of remuneration whether as salary, fees, commission, perquisites, the right to occupy free of rent any premises as a place of residence, or otherwise.
Neha Singhi
(Expert)
04 March 2009
Subsection 3 says: Any office or place shall be deemed to be an office or place of profit under the company within the meaning of this section—
(a) in case the office or place is held by a director, if the director holding it 32-33[obtains from the company anything] by way of remuneration over and above the remuneration to which he is entitled as such director, whether as salary, fees, commission, perquisites, the right to occupy free of rent any premises as a place of residence, or otherwise ;
(b) in case the office or place is held by an individual other than a director or by any firm, private company or other body corporate, if the individual, firm, private company or body corporate holding it obtains from the company anything by way of remuneration whether as salary, fees, commission, perquisites, the right to occupy free of rent any premises as a place of residence, or otherwise.
(a) in case the office or place is held by a director, if the director holding it 32-33[obtains from the company anything] by way of remuneration over and above the remuneration to which he is entitled as such director, whether as salary, fees, commission, perquisites, the right to occupy free of rent any premises as a place of residence, or otherwise ;
(b) in case the office or place is held by an individual other than a director or by any firm, private company or other body corporate, if the individual, firm, private company or body corporate holding it obtains from the company anything by way of remuneration whether as salary, fees, commission, perquisites, the right to occupy free of rent any premises as a place of residence, or otherwise.
CA Tirth Ajani
(Expert)
04 March 2009
refer this link :
https://www.vakilno1.com/bareacts/companiesact/s314.htm
https://www.vakilno1.com/bareacts/companiesact/s314.htm
Balaji K S
(Querist)
04 March 2009
can u be a bit precise....
am not able to get u fully...
am not able to get u fully...
04 March 2009
Just breifing the provision: It implies that Director is earning anything above remuneration like salary, fee, commission, RFA, etc which is taken by him as director will be consider as place of profit.
Balaji K S
(Querist)
05 March 2009
thanku very much for ur breifing
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