Remuneration to Foreign national working as M.D
This query is : Resolved
06 January 2011
A Foreign national is appointed as Managing Director in the Public limited Company. My Question is:
1. Does his Appointment requires approval from Central Government?
2. is there any approval required from any authority for paying remuneration?
regards,
raghav ratna
1. Does his Appointment requires approval from Central Government?
2. is there any approval required from any authority for paying remuneration?
regards,
raghav ratna
06 January 2011
Go to the following link:
https://www.caclubindia.com/forum/can-nri-become-md-of-a-company-in-india-27846.asp
https://www.caclubindia.com/forum/can-nri-become-md-of-a-company-in-india-27846.asp
06 January 2011
As per Part I of Schedule XIII only a person who is resident in India can be appointed as MD/WTD without the approval of the Central Government.
If the foreign national is resident in India no approval of the Central Government is required. Otherwise CG approval is required.
If your company is a profit making company and is paying remuneration within the limits specified in Sections 198, 269, 310, 311, Schedule XIII, then no approval of CG is required. If the remuneration is beyond the limits specified in these sections, then CG approval is required.
If the foreign national is resident in India no approval of the Central Government is required. Otherwise CG approval is required.
If your company is a profit making company and is paying remuneration within the limits specified in Sections 198, 269, 310, 311, Schedule XIII, then no approval of CG is required. If the remuneration is beyond the limits specified in these sections, then CG approval is required.
23 February 2011
For the income Tax part kindly make sure that for the salary or security contributions(if any) made outside india , TDS is deducted and paid in India.
Anuj
Anuj
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Reprocessing of rectification order AY 2025-26
- Consolidated financials
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Regarding Applicability of Tax Audit u/s 44AB
- Section 50-fixed asset-->building ceases to exist
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
