Sitting fees taxable under which head of income
This query is : Resolved
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 ?
05 October 2007
Your statement is correct. As per sec 56 of the income tax act Directors' sitting fees is income from other sources.
17 March 2008
other sources
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