TDS on sitting fees of directors
Querist : Anonymous
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
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