TDS on sitting fees of directors

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Querist : Anonymous

Querist : Anonymous (Querist)

20 September 2010 is tds to be deducted on the sitting fees please let me know

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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20 September 2010 TDS not applicable for Directors sitting fees

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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20 September 2010 Sitting fee is received by a director of a company for attending meeting of the Board, or a committee thereof, attended by him/her.
By virtue of sub-section (2) of Section 198 of the Companies Act,1956 sitting fee paid to director's shall not be reckoned for the purpose of calculating Director's Remuneration.
In view of the above , the sitting fee received by a director has to be taxed under the head “income from other source “ and not salary.
More over,there is no specific provision in the Income tax Act,1961 for TDS on sitting fee payments and certainly section 194J of the said act will not apply.

Querist : Anonymous

Querist : Anonymous (Querist)

21 September 2010 Thanks Mr Chakrapani for the details

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