As a part of their remuneration, the directors of the Company are being paid salaries (ranging between Rs.1,10,000/- and Rs.2,40,000/- per month). However, no P.F. is being deducted from their salaries.
Our Personal Department says that since the salaries of directors' are more than Rs.6,500/- per month, the P.F. deduction is not mandatory.
Is the view of Personal Department is correct? If the answer is in affirmative, whether the directors are required to fill in any form/declaration?
CAclubindia
