In a limited company there are two whole-time directors, one part-time director and one manager. In a financial year the net profit of the company before provision for income tax and managerial remuneration but after dep

In a limited company there are two whole-time directors, one part-time director and one manager. In a financial year the net profit of the company before provision for income tax and managerial remuneration but after depreciation and provision for repairs is ₹ 10,40,000. Depreciation as per Schedule II is ₹ 3,00,000, provision for repairs of plant is ₹ 60,000 and actual expenses on repairs is ₹ 50,000. In this year, the amount of managerial remuneration payable shall be: