Remuneration to Foreign national working as M.D
This query is : Resolved
06 January 2011
A Foreign national is appointed as Managing Director in the Public limited Company. My Question is:
1. Does his Appointment requires approval from Central Government?
2. is there any approval required from any authority for paying remuneration?
regards,
raghav ratna
1. Does his Appointment requires approval from Central Government?
2. is there any approval required from any authority for paying remuneration?
regards,
raghav ratna
06 January 2011
Go to the following link:
https://www.caclubindia.com/forum/can-nri-become-md-of-a-company-in-india-27846.asp
https://www.caclubindia.com/forum/can-nri-become-md-of-a-company-in-india-27846.asp
06 January 2011
As per Part I of Schedule XIII only a person who is resident in India can be appointed as MD/WTD without the approval of the Central Government.
If the foreign national is resident in India no approval of the Central Government is required. Otherwise CG approval is required.
If your company is a profit making company and is paying remuneration within the limits specified in Sections 198, 269, 310, 311, Schedule XIII, then no approval of CG is required. If the remuneration is beyond the limits specified in these sections, then CG approval is required.
If the foreign national is resident in India no approval of the Central Government is required. Otherwise CG approval is required.
If your company is a profit making company and is paying remuneration within the limits specified in Sections 198, 269, 310, 311, Schedule XIII, then no approval of CG is required. If the remuneration is beyond the limits specified in these sections, then CG approval is required.
23 February 2011
For the income Tax part kindly make sure that for the salary or security contributions(if any) made outside india , TDS is deducted and paid in India.
Anuj
Anuj
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
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- RCM INVOICING FROM NOV-2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- 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
