Income tax/ service tax
This query is : Resolved
06 July 2012
Whether TDS u/s 194 J and/or Service Tax is/are payable on Directors Remunerations including his salary and sitting fees/Commissions.
06 July 2012
Directors's remuneration shall be bifurcated into salary and other remuneration.
TDS on salary shall be deducted u/s 192 and on other allowances u/s 194J.
TDS on salary shall be deducted u/s 192 and on other allowances u/s 194J.
Message likes :
1 times
07 July 2012
Dear Bharwadraj,
Your interpretation seems to be correct.But I have still some doubt.
Services rendred in professional capacity will be taxed as income in the hands of directors,the sitting fee and commission paid will be taxed under the head "Income from Other Sources".
Section 194J(1)(ba) indicates that if remuneration paid is covered u/s 192,this clause is not applicable.If TDS is not made u/s 192, it has to be invariably covered under 194 J.
In view of the above provisions, will it be possible to bifercate the two.
Dear Bharwadraj,
Your interpretation seems to be correct.But I have still some doubt.
Services rendred in professional capacity will be taxed as income in the hands of directors,the sitting fee and commission paid will be taxed under the head "Income from Other Sources".
Section 194J(1)(ba) indicates that if remuneration paid is covered u/s 192,this clause is not applicable.If TDS is not made u/s 192, it has to be invariably covered under 194 J.
In view of the above provisions, will it be possible to bifercate the two.
07 July 2012
If directors remuneration exceed the limit u/s 44AB i.e. Rs. 25 Lacs Rupees,whether they will be liable fot tax-audit in their individual capacity?
Whether services rendered by directors to the company comes in the net of service tax?
If the directors remuneration exceed the threshold limit of service tax,then whether they will be liable to service tax?
Whether directors will be liable to pay income tax as well as service tax for the same remuneration?
Whether services rendered by directors to the company comes in the net of service tax?
If the directors remuneration exceed the threshold limit of service tax,then whether they will be liable to service tax?
Whether directors will be liable to pay income tax as well as service tax for the same remuneration?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Confusion around Form 26QB fields
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
