Simranjeet Singh (Proprietor at S Simranjeet & Associates ) (4396 Points)
17 April 2010hello everyone can any one tell me in case of final accounts of a joint stock company while calculating net profit for the purpose of managerial remuneration COMPENSATION FOR BREACH OF CONTRACT is to deducted from net profit as per P/L account or not if it is given in the profit and loss account..
And one more thing can anyone tell me in short what common items to be included / Not included for the purpose of calculation of net profits for managerial remuneration.
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 17 April 2010
Dear Simranjeet,
See the attached sheet for your ready reference. Hope u find it useful for youe purpose.
regards,
ratan
CA Arpit Shah
(Proprietor)
(21 Points)
Replied 17 April 2010
one of my party has only LIC Commission income...
as it is other source income...
what is the deduction available to him....?
someone says me that
for first year commision 15% deduction is available..
& for Renewal commission 50% deduction available...
is this true...?
pls solve it as early as possible....
thanx..
Nitin Grover
(CS)
(1228 Points)
Replied 18 April 2010
Dear Arpit
In my views its a business of that person he is an agent of LIC na
so its his/her business and it will be taxable as per other individuals.
and If his turnover (receipt) is more then or equal to rs. 10.00 Lac then this case is must be Audited by a PCA
Regards
meenakshi sundaram
(paid assistant)
(42 Points)
Replied 13 February 2012
Frds Will donations paid to be allowed as the expenses for calculation of Managerial remuneration
PARESH DARJEE
(SR. A/C EXECUTIVE)
(22 Points)
Replied 24 April 2015
i need net worth calculation...
please gv me working....
CAclubindia
