Tax On Remuneration
This query is : Resolved
19 March 2021
SIR-
Pvt Ltd Company pays remunerations to its director.
Any Tax liability will be applicable on it to Company ?
Plz guide me sir\
thanks in adv
Pvt Ltd Company pays remunerations to its director.
Any Tax liability will be applicable on it to Company ?
Plz guide me sir\
thanks in adv
19 March 2021
If the remuneration is paid to director as an employee then there will not be any GST.
You can refer to CGST circular no. 140/2020 dated 10th June 2020 for reference.
You can refer to CGST circular no. 140/2020 dated 10th June 2020 for reference.
28 October 2021
As per Section 16 read with Section 192 of Income Tax Act, 1961, all directors remuneration are treated as Salary and will be taxable under the head “Salary” and Company is required to deduct TDS except the sitting fees.
Further, as per the provisions of Section 194J of the Income Tax Act, 1961, Sitting fees which are given by company to its directors will be treated as professional fees and company is required to deduct TDS @10%.
Further, as per the provisions of Section 194J of the Income Tax Act, 1961, Sitting fees which are given by company to its directors will be treated as professional fees and company is required to deduct TDS @10%.
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