Hi All!!!
Could anyone please let me know if a Director of the Company is to given a gift on his cessassion from the Board, what are the compliance formalities and the accounting treatment involved.
Whether the gift will form part of the Managerial remuneration?
Kindly help with your inputs!
Gift to a director is not includible in Managerial Remuneration and such gift can be made by passing a Gen Resolution in the Board meeting to that effect.
| Originally posted by : Saurabh | ||
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Gift to a director is not includible in Managerial Remuneration and such gift can be made by passing a Gen Resolution in the Board meeting to that effect. |
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Thank you Saurabh for your reply.
But dont you feel that Section 198 which provides explanation for remuneration which is exclusive defination and shall include gift also under explanation (b)?
CAclubindia
