salary from 2 employee

This query is : Resolved

CA.Ritu Agarwal (Querist)
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03 July 2009 Hello, My client is the director of 2 company from which he is getting Managerial Remuneration. In one case his remuneration is 240000/- per year and in other case around 1 lac. He have interest income also on which TDS is deducted. Now, whether the company from whcih he is getting remuneration is suppossed to deduct tds. and if yes which company and at what rate.
Please explain in detail

Sathish k

Sathish k (Expert)
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03 July 2009 If the contract is an employee and employer between director and company then the TDS will be made u/s 192 as salary.

or else be treated as amount paid to professionals

CA.Ritu Agarwal

CA.Ritu Agarwal (Querist)
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03 July 2009 The directors are getting remuneration for managing the affairs of the company. there is no contract between them.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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03 July 2009 Tax would deducted u/s 192 on the average rate.
In your case the monthly tax deduction amount would come to Rs.3691/-

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