banner_ad

Sitting fee payment

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
14 June 2012 A Section 25 Company passed a resolution in BOD meeting approving payment of sitting fee which is more than the slab prescribed by Act , i.e. Rule 10b.

It falls in the slab of 10000, however approved Rs. 20000 and also paid to the director for first BOD meeting(by deducting TDS).

Now this mistake was discovered after the 2nd BOD meeting was over. The sitting fee payment of 2nd BOD meeting is kept on hold due to this. What is the best way to resolve it and to realise the extra payment made in first BOD meet?
Profile Image

CA Atul

Profile Image

CA Atul (Expert)
14 June 2012 There is no problem in deduction of higher TDS only you have to with accounting effect i.e. you have to bifurcate 20000/- by following way;
1) Show 10000/- as sitting fees as per you discuss in BOD.
2) Show 10000/- as advance paid to director for any reason & pass necessary agenda for that purpose.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details