TDS on Directors Sitting Fees

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CA-ASPIRANT (Querist)
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17 March 2011 Dear CA Fraternity

Pl let me know the nature of Directors sitting fees paid.

Quesiton: Whether TDS shall be deducted or not.

Thanks in Advance

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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17 March 2011 As per Section 198(2) of the Companies Act,1956 sitting fee paid to directors shall not be reckoned for the purpose of calculating Directors remuneration.

In view of that provision, the sitting fee received by a director has to be taxed under the head “income from other source “ and not salary.

So also there is no provision for TDS on sitting fees payment and certainly not under section 194J of the Income tax Act,1961.

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