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pankaj kumar gupta (CA Practice )     07 December 2013

Limit for salary to director in pvt ltd company

is there any limit for salary to director of a pvt ltd company . under company act or income tax act


 7 Replies

GAUTAM SHARMA

GAUTAM SHARMA (Audit Assistant)     07 December 2013

No limit for Private Company in IT Act 1961 or Companies Act

CS Ankur Srivastava

CS Ankur Srivastava (Company Secretary & Compliance Officer)     07 December 2013

In case of private limited company the provisions of remunerations are not applicable. The Company may by way of board resolution fix any remuneration to its diretors.
 

CS MOHIT SALUJA

CS MOHIT SALUJA (PRACTICING CS Jalandhar 9914558709)     08 December 2013

However, a company may/ may not file Form 23 to ROC by passing of resolution of payment of managerial remuneration in board meeting.

aarav

aarav (student)     09 December 2013

All are true the limit is applicable to public co. Only
sharad

sharad (director)     09 December 2013

There is a confusion here.

Since Directors are inttd parties, & they r holding office of profit. So a special resolution in EOGM is better, which requires its own formalities & filing of resoln with the RoC.

Another opinion is that special resoln is NOT reqd for Whole Time Directors !

I seek clarification on the correct proceedure & relevant section / article / case law

Ajay Mishra

Ajay Mishra (Company Secretary)     09 December 2013

Mr. Shard.....

 

Read your company articles on it.

CA Suresh kolluru

CA Suresh kolluru (CA,CS,M.com)     12 December 2013

No Limit on Remuneration

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