How to legally take salary from a private limited company as a director ?

okay, so can the salary be like 1 lakh in may and then 2 lakh in june and then 1.5 lakh in july,

does this variable salary will not have any issue ?

Do one thing. Decide a salary flexible structure with a low fixed component plus variable amount (bonus etc). This way, you would not have to worry about 2 things, passing resolution for salary changes every now and then and 2, you can adjust TDS payment according to the amounts paid. 

Since dividend is post tax, it is a bit less tax efficient than salary. 

thanks got it, so its like making a structure with fixed salary + variable bonus and we can adjust bonus according to the business right ?

if business goes up, we can increase on the bonus right ?

you can increase base salary too as your business scales. The purpose of having a variable pay is to link salary payouts with business growth. 

Your objective should be to minimise the tax outflow for the group ( company + directors )as a whole. While the company may pay 25.168% flat income tax, director may end up paying higher tax if salary is more than 32 lakhs or 50 lakhs in old and new regime respectively.

Also, booking director's expenses in the company will be a form of remuneration itself ( but won't be taxed in director's hand )

Please connect if you need further assistance.

Regards
CA. Raj Doshi
R C D & Co.
Chartered Accountants