Remuneration ceiling for managerial persons set where company has no or inadequate profits; limits vary by effective capital. Where a company has no profits or inadequate profits during a managerial person's tenure, it may pay salary, dearness allowance, perquisites and other allowances subject to a prescribed overall annual ceiling and corresponding monthly maxima. These limits are to be applied according to a scale linked to the company's effective capital, with progressive monthly caps across five capital bands substituted into para 1 of section II of Part II of Schedule XIII.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Remuneration ceiling for managerial persons set where company has no or inadequate profits; limits vary by effective capital.
Where a company has no profits or inadequate profits during a managerial person's tenure, it may pay salary, dearness allowance, perquisites and other allowances subject to a prescribed overall annual ceiling and corresponding monthly maxima. These limits are to be applied according to a scale linked to the company's effective capital, with progressive monthly caps across five capital bands substituted into para 1 of section II of Part II of Schedule XIII.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
