Commission to Non-Executive director whether salary u/r 3
This query is : Resolved
05 November 2008
Mr. X is a whole time director and has been allotted rent free co. owned accommodation by the company . In addition, he is also on the board of various other group/non-group cos. (all of which are independent public cos.) as an non-executive director. He is paid sitting fees for board meetings attended by him and is also paid commission (along with other non-executive directors) by these other cos. based on certain criteria/performance of the respective co.
Can the commission received by him from these cos. be considered as forming part of salary (as received from other "EMPLOYERS") for the purpose of valuation of benefit under rule 3 for rent free co. owned accommodation provided to him.
Can the commission received by him from these cos. be considered as forming part of salary (as received from other "EMPLOYERS") for the purpose of valuation of benefit under rule 3 for rent free co. owned accommodation provided to him.
05 November 2008
Payment of sitting fee and commission to non-executive director will be income from other sources.
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