Managerial remuneration income tax
This query is : Resolved
Pankaj Arora
(Querist)
08 February 2016
Dear All,
In our public ltd company we are going to give Rs. 60 lac managerial remuneration to our directors but as per limit prescribed in companies act 2013, we can't pay more than 42 lacs.
if central government does not approve our application for above mentioned managerial remuneration in that case we have to take back rs 18 lac from directors.
My query is what if director has already pay tax on above 60 lacs income and filed returned accordingly and not claimed any refund in itr.
In our public ltd company we are going to give Rs. 60 lac managerial remuneration to our directors but as per limit prescribed in companies act 2013, we can't pay more than 42 lacs.
if central government does not approve our application for above mentioned managerial remuneration in that case we have to take back rs 18 lac from directors.
My query is what if director has already pay tax on above 60 lacs income and filed returned accordingly and not claimed any refund in itr.
CS Divesh Goyal
(Expert)
08 February 2016
then also you have to take it refund from the director, because you have to comply with the provisions of Companies act, 2013
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