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DIRECTOR REMUNARATION

ITR 1565 views 5 replies

IF THE DIRECTOR HAS A PROPRIETORSHIP BUSINESS SO WHEN HE GET REMUNERATION FROM THE COMPANY WHERE TO SHOW IN THE BALANCE SHEET OR PROFIT & LOSS ACCOUNT OR IN THE COMPUTATION OF INCOME? HE FILES INCOME TAX AGAINST BUSINESS INCOME AND SALARY SHOWN IN CAPITAL ACCOUNT SO IS THAT OK. PLEASE GIVE ME PROPER GUIDANCE 

Replies (5)
Yes, the remuneration is one of income. So, it will be shown in income tax return.

But where we can show 

In computation as a income from salary 

Or added in capital account in balance sheet

It's compute as Salary income.

The individual needs to show all his income while filing the income tax returns, 

In Computation

Salary under Income from Salary Income

Business Income under Income from Profit and business income

Other income under Income from Other Sources

Shares and Property sold under Income from Capital Gain / Loss 

 

Hope this solve your query.

 

Thanks

 

 

 


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