20 September 2014
i) If tax is deducted under section 192, the concerned Director has to offer the income under the head 'income from salary' and has to file the return accordingly.
ii) If tax is deducted under section 194J (courtesy to Finance Bill 2012), return has to be filed by the said Director offering the income under the head "Income from business/profession" and if such professional income exceeds the limits of 44AB, tax audit also becomes mandatory.
Therefore, selecting the section of tax deduction and tax audit needs judgment after analyzing the underlying facts of the appointment.
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