Tax audit
This query is : Resolved
kanaklata chauhan
(Querist)
08 July 2013
Whether directors remuneration shown as related payment transactions in tax audit report?
08 July 2013
Since key management personnel are related parties under AS 18, remuneration paid to key management personnel is a related party transaction requiring disclosures under AS 18.
Further, in case non executive directors on the Board of Directors are not related parties, remuneration paid to them is not considered a related party transaction.
Further, in case non executive directors on the Board of Directors are not related parties, remuneration paid to them is not considered a related party transaction.
08 July 2013
In this regard, Accounting Standards Interpretation (ASI) 23 on 'Remuneration paid to key management personnel whether a related party transaction (Re. AS 18)' issued by ICAI may be seen from link given below--
https://220.227.161.86/335asi_accstand23.pdf
https://220.227.161.86/335asi_accstand23.pdf
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