Whether a company can give PF contribution to Directors remuneration/ salary ? If, YES, then whether the same is exempt in income tax as in case of any other employee.
Kindly reply as soon as possible.
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Pf contribution by employer in director salary
Replies (1)
The director is considered as an employee of the company in whihc he is an director, as the Co wud issue Form16 to the director. hence the PF whihc the Co deducts from the directo's salary wud be eligible for deduction u/s 80C. Also the contribution whihc the co makes towards teh director's salary wud also be exempt, when the director withdraws his Pf balance.
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