Tag Archives: Section -197

Section 197 Insolvency and Bankruptcy Code 2016

Section 197 Insolvency and Bankruptcy Code 2016 Enforced w.e.f 01.11.2016 Constitution of advisory committee, executive committee or other committee. 197. The Board may, for the efficient discharge of its functions, may constitute advisory and executive committees or such other committees, as it may deem fit, consisting of a Chairperson and such other members as may… Read More »

Managerial remuneration : section 197 of Companies act 2013

Section – 197 Companies Act, 2013 (Enforced with effect from 1-4-2014.) Overall maximum managerial remuneration and managerial remuneration in case of absence or inadequacy of profits. 197. 1(1) The total managerial remuneration payable by a public company, to its directors, including managing director and whole-time director, and its manager in respect of any financial year shall… Read More »

When Gift from unknown person is taxable

Q: When Gift from unknown person is taxable ? Where donor and donee (assessee) were not known to each other, mere declaration by donor that gift was made out of love and affection was not sufficient; Assessing Officer was justified in treating said gift as income under section 68 HIGH COURT OF DELHI Pawan Kumar… Read More »

Private Companies can pay Managerial Remuneration without any ceiling

Q: whether Private Companies can pay Managerial Remuneration without any ceiling as Section 197 of the Companies Act 2013 is silent regarding the same. Answer: Yes, any amount can be paid to the MD/WTD without central government approval pursuant to the exemption notification and/or subject to compliance with the conditions prescribed therein pursuant to the… Read More »