Please Clearify: Which year profits is to be taken for the purpose of calculation of profits u/s 349.
If last financial year statements are not finalised can i take last to last year audited results.
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Calculation of profit u/s 349
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If you have to work out managerial remuneration for any year, you have to consider you have to consider net profit of that financial year u/s 349 [Ref.Sec.198(1)].
If you have to consider payment of dividend, you have to provide depreciation [Ref.Sec.205(2) read with Sections 349 and 350].
Thanks
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