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of <h1>Clarifications on Companies Act, 1956: Directorship Deposit, Perquisites Caps, Gratuity, and Provident Fund Contributions Explained.</h1> The circular provides clarifications under the Companies Act, 1956, regarding directorship, perquisites, gratuity, and provident fund contributions. Section 257 requires a deposit of Rs. 500 for directorship proposals, refundable only if the candidate is elected. Under Section 269 and Schedule XIII, perquisites are capped at the lesser of the annual salary or Rs. 1,35,000 for major cities and Rs. 1,15,000 elsewhere. Contributions to provident and superannuation funds are excluded from perquisite limits if non-taxable. Gratuity is capped at half a month's salary per year of service, not exceeding Rs. 1,00,000, and is separate from perquisites.
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