20 February 2013
We have paid the director remunertation on monthly basis and deducted 10% TDS under 92B.does we need to do change it to 94J. if yes how to do the same.
21 February 2013
—In section 194J of the Income-tax Act, in sub-section (1), after clause (b), the following clause shall be inserted with effect from the 1st day of July, 2012, namely :—
"(ba) any remuneration or fees or commission by whatever name called, other than those on which tax is deductible under section 192, to a director of a company ; or".
For above it is clear that
it becomes mandatory for all the companies to deduct TDS @ 10% on sitting fees, commission paid to directors other than whole time directors and managing directors.
Remuneration to Whole time Director/managing Director still cover in section 192.
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