Section 142. Remuneration of auditors
Effective from 01-04-2014
(1) The of the auditor of a shall be fixed in its general meeting or in such manner as may be determined therein.
Provided that the Board may fix remuneration of the first auditor appointed by it.
(2) The “remuneration” under sub-section (1) in addition to the fee payable to an auditor, include the expenses, if any, incurred by the auditor in connection with the audit of the company and anything given to him otherwise than in cash, but does not include any remuneration paid to him for any other service rendered by him at the request of the company.
2(78) Remuneration means any money or its equivalent given or passed to any person for services rendered by him and includes perquisites as defined under the Income-tax Act, 1961 (43 of 1961)
Company means a company incorporated under this Act or under any previous company law