income from company

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 August 2010 if a privat limited company has income atfer tax Rs 300000 & the same was transfer to Directors/promoter personal acconts as his income then further director has to pay the Income tax on 300000/-

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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12 August 2010 These transfers can happen only by means of " dividend payout" or " % commission on profit"

In first case, the company is liable to pay dividend distribution tax before distributing it to the promoters / shareholders. In this case no tax liability on the promoter / director.

In the second case, this commission will be added to his personal income & will be taxable in his hands.

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