director's salary

This query is : Resolved 

23 April 2008 if a director draws a salary from a company, can he draw professional fees as well from the same company??

23 April 2008 FOR SERVICE RENDERED IN PROF.CAPACITY,YES HE MAY DRAW SEPARATE FEES.
BUT THIS WILL ALSO COUNT AS PART OF OVERALL MANAGERIAL REMUNARATION UNDER SEC.309 IN COS. ACT.
IF YOU DO NOT WANT THIS FEES TO BE CONDSIDERED AS OVERALL MANAGERIAL REM.
CERTAIN CONDITIONS NEED TO BE COMPLIED.
R.V.RAO

24 April 2008 Yes, he can draw professional fees in professional capacity


25 April 2008 yes he draw professional fees alco

Remuneration accounted under Salary head and Profeesional income under other sources or business & professional head

if he claims under professional head he can claim expenses incurred for it
hence showing under proffesional is benefit for an assessee



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