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of <h1>Clarifications on Profit Transfer and Dividend Rules for Companies: Key Insights from 1975 Regulations and 1974 Act Compliance.</h1> The circular addresses queries regarding the Companies (Transfer of Profits to Reserves) Rules, 1975, and the Companies (Declaration of Dividend out of Reserves) Rules, 1975. Key clarifications include: arrears of depreciation must be provided for before profit calculation for reserve transfer; 'current profits' refers to post-tax profits; profits transferred to development rebate reserve are excluded from current profits; references to dividends include both equity and certain preference dividends; transfers to development rebate, capital, or special reserves do not meet reserve transfer requirements; no reserve transfer is needed if the proposed dividend is under 10%; and the rules must comply with the Companies (Temporary Restrictions on Dividend) Act, 1974.
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