Source of income of director

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Rupali R. Mayekar

self

24 Points Posted on 02 May 2014

Dear Friends,

A director of private ltd company wants to file his Income tax return for applying for home loan in his name.

What are the sources of income that he can show in his IT return?

I know only directors remuneration on which TDS will be deducted @ 10% u/s 115JB and Income by way of salary if he is shown as an employee of the company.

Besides this is there any other income which he can get from the company of which he is director?

Regards,

Rupali

Replies (3)

Guest

Posted on 02 May 2014

Depending on this expertise, qualifications he can also earn Income from business/ profession, commission income which will NOT be from the company.

Rupali R. Mayekar

self

24 Points Posted on 02 May 2014

Thanks for reply,

U mean besides salary and remuneration from company, director of company can also withdraw form the company in the form of commision.Is there any section in companies Act,2013 for ref in detail.

Pl let me know the tax implication of the same in his IT return.

Regards,

Rupali

Guest

Posted on 02 May 2014

I did not mean withdrawal from the company. I meant earning income in personal capacity.. not as a director.

The director's income will include his salary from company, remuneration from company, other business/profession income, income from other sources(eg interest)