Dear Professional friend,
I have a query. Pl. help to resolve.
A company needs to transfer a fixed percent of profits to General reserve if the dividend declared exceeds 10 %. If the Dividend declared is exactly 10 %, can the company not transfer anything to the reserve, since the words used are " It it exceeds" only?
Kindly clarify and share your practical experience.
Thanks
Mohan
yes, the co. need not transfer any amount to reserves on declaration of dividend upto 10% only.
Murali and Sumeet Chartered Accountant
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