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Payment of Director Fees in Private Limited Company

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(Querist)
22 December 2010 Dear All,

There's a Private Limited Company in business of creating Painting and Art Work and it's Director is the Sole Artist who makes paintings.Is there any limit in payment to Director Fees u\s 314 of Income Tax,1956 ? Or any regulation of payment of Fees.Please Reply me.........
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Ajay Mishra

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Ajay Mishra (Expert)
23 December 2010 Hi

I think, payment of Director's fee is governed by Companies Act, 1956 and in case of private company the provisions of remuneration and sitting fee will not apply.


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