professional fees in pvt.ltd.co,
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 June 2011
Sir, Can director of a pvt.ltd.co.take a professional fees from his co. if yes than what is the limit.
16 June 2011
Yes a director of a pvt ltd company can take professional fees from the company. Theer is no limit.Only the thing is that, such fees are covered under Section 297 of the companies Act. The formalities are to be completed as per Section 297. Such transactions are to be reported under section 301 (related party transactions) in the annual reports of the company.
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