Tds on director remuneration sec 194 j(1) (ba)

This query is : Resolved

Manoj Aggarwal (Querist)
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29 June 2013 194J(1)(ba) Any remuneration or commission paid to director of the company (Effective from 1 July 2012)
Tds rate will be @10%

our company paid remuneration to directors for Rs.381000 pa for the F.Y 2012-2013 so please advise what is to be done in this case.

Manoj Aggarwal
9310190208

CA.Vinita Gupta

CA.Vinita Gupta (Expert)
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29 June 2013 If the Directors are Whole Time Directors and drawing Monthly Remuneration then TDS u/s 192B is applicable.

But If Directors are being paid Sitting Fees then TDS u/s 194J would be applicable

Manoj Aggarwal

Manoj Aggarwal (Querist)
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29 June 2013 yes mam, Directors are whole time directors.
and thanks for clean & clear.

Manoj Aggarwal

CA.Vinita Gupta

CA.Vinita Gupta (Expert)
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29 June 2013 So 192B is applicable in your case since they are drawing monthly remuneration

Manoj Aggarwal

Manoj Aggarwal (Querist)
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29 June 2013 No mam, they are received under tax exempt slab.
1.Director - 15750 pm
2.Director - 16000 pm

CA.Vinita Gupta

CA.Vinita Gupta (Expert)
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29 June 2013 Then TDS is not applicable

Manoj Aggarwal

Manoj Aggarwal (Querist)
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29 June 2013 I have a problem about depreciation as per company act 1956 as below-
Original cost value - 9,70,000
accumulated Total Dep. - 8,90,000
Opening wdv in Books - 80,000 as on 1/04/2012
Depreciation as per SLM - 109707 (970000*11.31%) for the year 2012-2013.
in this above case Depreciation Block is higher than gross block of Fixed asset.
so please tell me what will be done in this condition.
As per my view, i have write off opening WDV with Depreciation of Rs. 80000. and block is nil. am i right or not please advise & suggest.

Manoj Aggarwal