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TDS on Director Sitting Fee

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Service
65 Points Posted on 15 December 2007

Please give your opinion about the applicability of  TDS  on the payment of sitting fee to directors. What should be the rate? under which section ?

Arun Kumar Aggarwal

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On 15 December 2007 at 14:20 Report
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CONSULTANCY TAXATION
29 Points Posted on 15 December 2007
Note that Sitting Fees of directors is considered as Manegerial Renumeration (Salary) under the Companies Act & Income Tax Act. Thus TDS is deductable as per the same process as for TDS on Employee salary
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On 15 December 2007 at 15:29
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Finance
71 Points Posted on 15 December 2007
hi...
is the sitting fees paid to whole time directors or independent directors?
if it is for independent directors TDS need not be deducted (little bit doubt).. if it is for the whole time directors it must be treated as managerial remuneration and tds should be deducted u/s 192 of IT act....
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On 15 December 2007 at 15:36
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Guest
460655 Points Posted on 17 December 2007
TDS is calculated as per salary norms.
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On 17 December 2007 at 16:59
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Service
38 Points Posted on 18 December 2007
Dear, If Sitting fees paid to non executive director it will be treated as professional fees & accordingly TDS will be deducted u/s 194J.This director should only get sitting fee & not get any other remuneration.
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On 18 December 2007 at 08:06
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460655 Points Posted on 30 May 2008

What will be the calculation of TDS of Director Remuneration for the A.Y. 2008-09?  Will it be normal calculation as a normal assessee(Exempt up to 1,10,000/-)

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On 30 May 2008 at 13:45
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460655 Points Posted on 30 May 2008

What will be the calculation of TDS of Director Remuneration for the A.Y. 2008-09?  Will it be normal calculation as a normal assessee(Exempt up to 1,10,000/-)

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On 30 May 2008 at 13:45


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