Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Directors remunertion

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

20 February 2013 We have paid the director remunertation on monthly basis and deducted 10% TDS under 92B.does we need to do change it to 94J. if yes how to do the same.

CA. Sunil Kumar

CA. Sunil Kumar (Expert)
Follow

21 February 2013 —In section 194J of the Income-tax Act, in sub-section (1), after clause (b), the following clause shall be inserted with effect from the 1st day of July, 2012, namely :—

"(ba) any remuneration or fees or commission by whatever name called, other than those on which tax is deductible under section 192, to a director of a company ; or".

For above it is clear that

it becomes mandatory for all the companies to deduct TDS @ 10% on sitting fees, commission paid to directors other than whole time directors and managing directors.

Remuneration to Whole time Director/managing Director still cover in section 192.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now