Under the Companies Act 2013, the 'Independent Directors' must hold a special training as per Section 149. Who is exempted from this training requirement? MCQ with Answer and Explanation
Under the Companies Act 2013, the 'Independent Directors' must hold a special training as per Section 149. Who is exempted from this training requirement?
A. A person who has been a director for more than 10 years
B. No one is exempted
C. A person who has already undergone the training or is a whole-time director in a listed company
D. A qualified Chartered Accountant or Company Secretary
Answer: Option C
Solution (By JKSSB Mock Tests)
The Companies Act exempts individuals who have already undergone the prescribed independent director training, or those who are already serving as whole-time directors in listed companies, from the mandatory training requirement.
Explanation:
Gift tax Act was abolished; gifts are now taxed in the hands of recipient under Section 56(2)(x) of Income Tax Act if exceeding ₹50,000.
Explanation:
The Materiality principle states that trivial costs (like a calculator) should be expensed immediately rather than capitalized and depreciated, due to their immaterial impact.
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