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of <h1>Dispute Over Depreciation Calculation for Managerial Pay: Actual Book Values vs. Notional Values Under Companies Act Section 350.</h1> The circular addresses the method of calculating depreciation for determining net profits for managerial remuneration under section 350 of the Companies Act. It discusses a disagreement between chambers and the government regarding whether depreciation should be based on the written down value of assets as per company books or a notional value. The chambers argue that the calculation should be based on actual book values, while the government insists on using a notional value applying income tax depreciation rates. The government maintains this approach prevents under-provision for depreciation in future years, aligning with sound financial practices.
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