https://www.taxtmi.com/acts?id=14362 Declaration of dividend out of reserves is allowed when current profits are inadequate, subject to limits: the dividend rate may not exceed the lesser of the average rate declared in the preceding five years and a capped share of paid-up capital; total drawal from accumulated past profits transferred to reserves is restricted to one-tenth of paid-up capital plus free reserves and must first set off current year losses; reserves must not fall below fifteen percent of paid-up capital. The rule defines qualifying accumulated profits and prescribes electronic or physical filing and authentication requirements. en-us Wed, 01 Jun 2011 15:30:38 +0530 Tue, 07 Jun 2011 13:37:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=14362 Declaration of dividend out of reserves is allowed when current profits are inadequate, subject to limits: the dividend rate may not exceed the lesser of the average rate declared in the preceding five years and a capped share of paid-up capital; total drawal from accumulated past profits transferred to reserves is restricted to one-tenth of paid-up capital plus free reserves and must first set off current year losses; reserves must not fall below fifteen percent of paid-up capital. The rule defines qualifying accumulated profits and prescribes electronic or physical filing and authentication requirements. Act-Rules Companies Law Wed, 01 Jun 2011 15:30:38 +0530 https://www.taxtmi.com/acts?id=14362