director's salary
This query is : Resolved
23 April 2008
if a director draws a salary from a company, can he draw professional fees as well from the same company??
23 April 2008
FOR SERVICE RENDERED IN PROF.CAPACITY,YES HE MAY DRAW SEPARATE FEES.
BUT THIS WILL ALSO COUNT AS PART OF OVERALL MANAGERIAL REMUNARATION UNDER SEC.309 IN COS. ACT.
IF YOU DO NOT WANT THIS FEES TO BE CONDSIDERED AS OVERALL MANAGERIAL REM.
CERTAIN CONDITIONS NEED TO BE COMPLIED.
R.V.RAO
BUT THIS WILL ALSO COUNT AS PART OF OVERALL MANAGERIAL REMUNARATION UNDER SEC.309 IN COS. ACT.
IF YOU DO NOT WANT THIS FEES TO BE CONDSIDERED AS OVERALL MANAGERIAL REM.
CERTAIN CONDITIONS NEED TO BE COMPLIED.
R.V.RAO
24 April 2008
Yes, he can draw professional fees in professional capacity
Gayathri Devi
(Expert)
25 April 2008
yes he draw professional fees alco
Remuneration accounted under Salary head and Profeesional income under other sources or business & professional head
if he claims under professional head he can claim expenses incurred for it
hence showing under proffesional is benefit for an assessee
Remuneration accounted under Salary head and Profeesional income under other sources or business & professional head
if he claims under professional head he can claim expenses incurred for it
hence showing under proffesional is benefit for an assessee
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