https://www.taxtmi.com/circulars?id=10904 For newly incorporated companies with no dividends declared in the three years immediately preceding the financial year, rule 3 of the Transfer of Profits to Reserves Rules is not applicable; such companies are governed by rule 2, which prohibits transferring more than 10 per cent of profits to reserves. en-us Mon, 26 Jul 1976 00:00:00 +0530 Fri, 17 Jun 2011 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10904 For newly incorporated companies with no dividends declared in the three years immediately preceding the financial year, rule 3 of the Transfer of Profits to Reserves Rules is not applicable; such companies are governed by rule 2, which prohibits transferring more than 10 per cent of profits to reserves. Circulars Companies Law Mon, 26 Jul 1976 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10904