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TDS ON DIRECTORS SITTING FEES ON ROTATING BASIS EVERY YEAR

This query is : Resolved 
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(Querist)
10 April 2009 WE HAVE PAID RS 250 PER MEETING FOR 6 MEETINGS. WHETHER THIS INCOME TO BE ADDED TO THEIR GROSS REMUNERATION FOR TDS DEDUCTION.

WE HAVE INCREASED THE AUTHORISED SHARE CAPITAL TO RS 1 CRORE BY CAPITALISATION OF RESERVES TO ENABLE ISSUE OF BONUS SHARES.

WHAT WILL BE THE MAXIMUM LIMIT TO FIX THE DIRECTORS SITTING FEES.
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
10 April 2009
For the directors when you are paying remuneration again you should not pay sitting fees.

The payment itself is not warranted. If you are stil paying for the purpose of income tax tds deduction you have to add to the remuneration.

The sitting fees shall be decided on the basis of the turnover of the company and not on the capital of the company. It differs from company to company and based on the Board. We cannot genralise the sitting fees.
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