Withdraw money from OPC

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Director
31 Points Posted on 24 January 2021

Hello,

I am sole director in an OPC, which is engaged in export of software services. I haven't withdrawan any salary till now. I have a few contractors who raise bill to company and save tax using 44ADA, can I also raise an invoice to my company for technical services that I provide to the company? (I know for director services GST has to be paid on RCM basis, hence the distinction for both kinds of work)

Or is withdrawing it as salary my only option?

 

Thanks

 

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On 24 January 2021 at 21:39 Report
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Quick Summary
A sole director of an One Person Company (OPC) is seeking advice on how to withdraw funds. They haven't taken a salary yet and are wondering if they can invoice the company for technical services, similar to how contractors use Section 44ADA for tax purposes. Alternatively, they are considering taking a salary. The core question is whether a contract payment is a viable option to benefit from 44ADA, rather than solely relying on salary.

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Chartered Accountant
24588 Points Posted on 24 January 2021
You can withdraw salary without issuing invoices
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On 24 January 2021 at 22:20
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Director
31 Points Posted on 24 January 2021

Thing is I don't want it as salary but as contract payment so I can take benefits under 44ADA

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On 24 January 2021 at 23:09

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