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<h1>Clarification on Profit Transfers to General Reserves: Only Current Year Profits Count Under 1975 Rules.</h1> The circular addresses queries regarding the transfer of profits to reserves under the Companies (Transfer of Profits to Reserves) Rules, 1975, and the Companies (Declaration of Dividend out of Reserves) Rules, 1975. It clarifies whether a transfer to the general reserve can be made from the current year's profit, which includes a carry-forward from the previous year. The response specifies that the transfer amount to the general reserves should be calculated based on the profits of the current year alone, excluding any past years' profits.