Tds on director

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Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2016 A director of a pvt. ltd. compay having salary remuneration of rs. 4 Lakh which is paid at the end of the year. Director also disclosed a rs. 1.70 Lacs deduction under section 80C out of which 1.50 lakh is deducted from the salary i.e. 4-1.5 =2.5 lakh. Now the Company not deducted on salary of director. whether it is Correct? kindly reply urgently.

Shishir Nayak

Shishir Nayak (Expert)
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04 July 2016 Any payment made in nature of salary TDS is deducted under Sec 192 of IT act and payments like sitting fee , professional fees to director TDS should be deducted u/s 194J. In your case you have to decide in what nature you have paid to director and deduct TDS .

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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04 July 2016 if you paid Director Remuneration above case TDS is not Applicable, if you pay other than director Remuneration TDS is Applicable u/s194J 10% if it excceds 30000/-P.A

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2016 Thanks for your valuable opinion
But i also want to know whether company having any liability if director having other income of rs. 2 lacs. which is not disclosed to the company. And company required any special disclosure in specified format from the director or any else.

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