Want to know whether TDS deduction for remuneration paid to part-time Chairman - Non-Executive Independent Chairman of Bank, who is not involved in the day-to-day management of the Bank, will be under Sec 192. or 194J?
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Part time Chairman of Bank TDS
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The TDS on remuneration paid to a part-time, Non-Executive Independent Chairman who is not an employee of the bank must be deducted under Section 194J (specifically Section 194J(1)(ba) for director's remuneration) at the rate of 10%, and not under Section 192, due to the absence of an employer-employee relationship.
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