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
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DIRECTOR REMUNARATION
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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