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of <h1>Clarification on Depreciation Calculation for Managerial Remuneration Under Amended Section 350 of the Companies Act.</h1> The circular addresses the calculation of depreciation for determining net profits related to managerial remuneration under the amended section 350 of the Companies Act. It clarifies that depreciation should be calculated using the written down value of assets as per the books at the commencement of the Companies Act, 1956, and applying rates from the Indian Income-tax Act, 1922. The memorandum advises against including extra and multiple shift allowances for years before December 28, 1960, and emphasizes calculating depreciation for idle assets. It also clarifies procedures for revalued assets, additions, disposals, and agricultural assets, ensuring compliance with section 350.
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