Section 314
This query is : Resolved
smitha varma
(Querist)
12 March 2013
HI ALL,
In my Company one of our directors relative is paid Rs.1,45,000 Per month on a regular basis for a contact entered with the company as consultancy fees . Will section 314 gets atracted and should we pass a special resolution and get central governments approval.
Pls clarify
In my Company one of our directors relative is paid Rs.1,45,000 Per month on a regular basis for a contact entered with the company as consultancy fees . Will section 314 gets atracted and should we pass a special resolution and get central governments approval.
Pls clarify
Ajay Mishra
(Expert)
12 March 2013
When a director, his partner or relative rendering services of professional nature is engaged on regular retainership basis in the company on the remuneration fixed in advance, provisions of section 314 is attracted.However, if he is consulted not on retainership basis but only on occasionally, the section is not attract.[Circular No. 14/75 dated 15.06.1975].
You will covered under 314(1B).
You will covered under 314(1B).
smitha varma
(Querist)
12 March 2013
But the section talks about a limit that is RS. 2,50,000. Pls clarify
Ajay Mishra
(Expert)
12 March 2013
Yes,
You no need to take CG approval, you only pass SR.
You no need to take CG approval, you only pass SR.
smitha varma
(Querist)
12 March 2013
Thank you sir
Ajay Mishra
(Expert)
12 March 2013
My pleasure.............
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- Working on Gold wastage during Melting of old gold jewellery
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- GSTR-9C filing
- Import Order Cancelled.
- Form 144 TDS Return Validation Error – Mandatory Fields
- How do you manage client document collection and follow-ups in your CA/CS practice?
- Royalty payments to the Mining Department for procurement of murum - GST input
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
