Advance paid to director
This query is : Resolved
Ramana Rao
(Querist)
08 December 2011
an advance is paid to director of a pvt ltd co over a period of time
can it be adjusted as consultancy fee to him in the current year?
if so what is the tax implication?
can it be adjusted as consultancy fee to him in the current year?
if so what is the tax implication?
Nirpendra Singh
(Expert)
08 December 2011
it depends on the circumstances if during the last year we have entered in any contract with the director for any consultancy service and bcoz of any reason it could not be provided by him , and the same is availed by co in c.y. than the same can be claimed as consultancy charges ,, but the condition is contract and the director should have requisite skills.
Ramana Rao
(Querist)
08 December 2011
there is no contract last year but contract
is there in current year
can the advance paid earlier can be adjusted
for the contract of this year
yes the director has all the requisite qualifications
please also opine on tax implications
ramana
is there in current year
can the advance paid earlier can be adjusted
for the contract of this year
yes the director has all the requisite qualifications
please also opine on tax implications
ramana
Ramana Rao
(Querist)
11 December 2011
there is no contract last year but contract
is there in current year
can the advance paid earlier can be adjusted
for the contract of this year
yes the director has all the requisite qualifications
please also opine on tax implications
ramana
is there in current year
can the advance paid earlier can be adjusted
for the contract of this year
yes the director has all the requisite qualifications
please also opine on tax implications
ramana
Dhirajlal Rambhia
(Expert)
23 July 2023
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