Sitting fees taxable under which head of income
This query is : Resolved
S.RAVICHANDRAN
(Querist)
05 October 2007
Sitting fees received by Directors ( Nominee directors and Whole time directors ) is taxable under the head "Income from other sources " for nominee directors and under "Salary" for Executive / Whole time directors.
Am I correct ?
Am I correct ?
Ravikumar.G
(Expert)
05 October 2007
Your statement is correct. As per sec 56 of the income tax act Directors' sitting fees is income from other sources.
CA. GOPAL SONIKA
(Expert)
17 March 2008
other sources
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