Director remuneration treatment in audit report
This query is : Resolved
09 July 2013
hi,
director remuneration is consider as payment u/s 40A(2)(b).
director remuneration is consider as payment u/s 40A(2)(b).
09 July 2013
Yes Considered.
Since key management personnel are related parties under AS 18, remuneration paid to key management personnel is a related party transaction requiring disclosures under AS 18.
Further, in case non executive directors on the Board of Directors are not related parties, remuneration paid to them is not considered a related party transaction.
Since key management personnel are related parties under AS 18, remuneration paid to key management personnel is a related party transaction requiring disclosures under AS 18.
Further, in case non executive directors on the Board of Directors are not related parties, remuneration paid to them is not considered a related party transaction.
09 July 2013
In this regard, Accounting Standards Interpretation (ASI) 23 on 'Remuneration paid to key management personnel whether a related party transaction (Re. AS 18)' issued by ICAI may be seen from link given below--
http://220.227.161.86/335asi_accstand23.pdf
http://220.227.161.86/335asi_accstand23.pdf
09 July 2013
Generally Director remuneration details is not required to give in Audit Report. It is given in Balance Sheet and Notes to accounts.
For Notes to Account, agree with expert.
For Notes to Account, agree with expert.
09 July 2013
Dear Ajay Ji here person asking the question mean to say Tax Audit report. In Tax Audit report this disclosure is required to be made.
09 July 2013
Ok Dear Sanjay, Its my fault. Thanks for correcting me.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TWO FIRM NAME IN ONE GST NUMBER
- ITR -1 Filing
- Section 54 f disallowed will be taxed at what rate
- Transportation of Petrol, Diesel by GTA and Other than GTA
- Trust 10AB form required for old asst. years?
- TDS whether applicable or not in case of Flat purchase
- IGST Refund pending since June 2022.
- Transfer of Rectification Rights to the Jurisdictional Assessing Officer
- Eway issued more than one
- SEA GOING ALLOWANCE
- Pension Misclassification and Correction in Filed ITRs
- Gratuity payment criteria
- Procedure and Documents Required for Release of FD from DVAT
- How to rectify gstr1 credit note
- Non- payment of GST on supply of services- reg
- Other party gstin shown on my login id
- Accumulated surplus exceeding 15%
- Different GST Number MEESHO
- Query on TDS Section 194H
- Fees amount transfer procedure for two doctors
Trending Online Classes
CAclubindia
