The following particulars are extracted from the statement of profit and loss of S.S. Ltd. for the year ended 31 st March, 2014: ₹ (i) Gross profit 40,00,000 (ii) Profit on sale of machinery (cost ₹8,00,000 and written d

The following particulars are extracted from the statement of profit and loss of S.S. Ltd. for the year ended 31 st March, 2014: ₹ (i) Gross profit 40,00,000 (ii) Profit on sale of machinery (cost ₹8,00,000 and written down value ₹4,00,000) 4,50,000 (iii) Subsidy from the Government 1,00,000 (iv) Salaries and wages 1,50,000 (v) Repairs to fixed assets 50,000 (vi) General expenses 40,000 (vii) Compensation for breach of contract 25,000 (viii) Depreciation 2,40,000 (ix) Loss on sale of investment 35,000 (x) Expenditure on scientific research (cost of setting-up a new laboratory) 2,50,000 (xi) Debenture interest 75,000 (xii) Interest on unsecured loans 15,000 (xiii) Provisions for income tax 16,00,000 (xiv) Proposed dividends 10,00,000 (xv) Net profit 10,70,000 Calculate the overall managerial remuneration under section 198 of the Companies Act, 1956.