certain payments allowable on payment basis
This query is : Resolved
26 September 2008
MOST URGENT
A pvt ltd co gives the commission on certain percentage of profit to its directors,(treated as part of salary) the balance sheet signed by directors on 31st july 2008.for the year ended 31.03.08 Rs 1 crore was debited in profit and loss a/c for the year ended 31.03.08
now the query is:
1 Is commission should be paid on or before the filling of income tax return i.e.30.09.08. ?
2 TDS on Commission(as applicable salary rates) should be deposited before 30.09.08 or not.?
3 while these commission income will be included in the directors hand in current year income.under the head salary (on payment basis)
kindly advise asap. since last date is 30.09.08 for filling of IT Return.
A pvt ltd co gives the commission on certain percentage of profit to its directors,(treated as part of salary) the balance sheet signed by directors on 31st july 2008.for the year ended 31.03.08 Rs 1 crore was debited in profit and loss a/c for the year ended 31.03.08
now the query is:
1 Is commission should be paid on or before the filling of income tax return i.e.30.09.08. ?
2 TDS on Commission(as applicable salary rates) should be deposited before 30.09.08 or not.?
3 while these commission income will be included in the directors hand in current year income.under the head salary (on payment basis)
kindly advise asap. since last date is 30.09.08 for filling of IT Return.
27 September 2008
1.No such stipulation.
2.At the time of payment.
3.On receipt basis.
2.At the time of payment.
3.On receipt basis.
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