https://www.taxtmi.com/acts?id=15558 Declaration of dividend is permitted only from profits for the year after providing for depreciation under Schedule II, from undistributed prior-year profits so provided, or from Government-guaranteed monies. Dividends may not be paid from reserves other than free reserves, and use of accumulated reserves when current profits are inadequate is subject to prescribed rules. Interim dividends may be declared from surplus and current-year profits with limits where the company has incurred current-year losses up to the preceding quarter. Declared dividends must be deposited in a scheduled bank within five days and paid in cash to the registered shareholder or his order; noncompliance with capital maintenance provisions bars dividend declaration. en-us Tue, 20 Dec 2011 16:48:43 +0530 Tue, 20 Dec 2011 16:48:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=15558 Declaration of dividend is permitted only from profits for the year after providing for depreciation under Schedule II, from undistributed prior-year profits so provided, or from Government-guaranteed monies. Dividends may not be paid from reserves other than free reserves, and use of accumulated reserves when current profits are inadequate is subject to prescribed rules. Interim dividends may be declared from surplus and current-year profits with limits where the company has incurred current-year losses up to the preceding quarter. Declared dividends must be deposited in a scheduled bank within five days and paid in cash to the registered shareholder or his order; noncompliance with capital maintenance provisions bars dividend declaration. Act-Rules Bills Tue, 20 Dec 2011 16:48:43 +0530 https://www.taxtmi.com/acts?id=15558