In section 194J of the Income-tax Act, in sub-section (1), after clause (b), the following clause shall be inserted with effect from the 1st day of July, 2012, namely :—
"(ba) any remuneration or fees or commission by whatever name called, other than those on which tax is deductible under section 192, to a director of a company ;
This amendment will take effect from 1st July 2012.
Mr. Deepak, if you are giving remuneration to the director in the form of salary, it will still attract 192. Only other remuneration like commision, sitting fees and fees for other technical or professional service you have to deduct TDS u/s 194J(1)(ba) @ 10%. So you can still give the benefit of PPF deduction u/s 80C and calculate the amount of TDS if the remuneration is in the form of salary.
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