20 August 2009
As per changes of new Budget 2009, no tds is required to deduct for payment made to Transporters who provides PAN No. This is to be effective with 01.10.2009.
My query is : If transporter provides service before 01.10.2009 and submit bills after 01.10.2009 and entry of such bills would be posted in books of accounts in Oct-09, in such case whether tds would apply on such transactions or not?
20 August 2009
According to section 299(3) a notice has to be given by the interested director/s so in the list of relatives... there are 24 kinds of relationship so what would be base i.e. only mention those relative's name who are having any contract with the company or they are shareholder or employee of the company or they are just relative of director??? what's the criteria??
General notice as mentioned u/s 299(3) is applicable only in case of specified body corporate & specified firm. You can not give General notice for individuals.
21 August 2009
I think General notice acn be give for individuals i.e. relatives as Section say "Any director of a Co. whether directly or indirectly(through relatives) interested". Also format of 24AA stated "Notice that I am interested directly or through my relatives.
Hence details of relatives need to be given in general notice.
21 August 2009
No Jages your interpretation is not correct. Plesae read the language of section 299(3)(a) carefully.
However submission of General notice is not mandatory. A dir may instead of giving General notice opt for making a specific disclosure at the meeting of board.
20 September 2009
Yes, in section 293(3)(a), there is no reference of disclosures regarding the disclosure of relative but it comes out form the Subsection (1. Also, if u refer there is department clarification that the director would be deemed to be interested through his relative.
But if director do not want to give general notice than there is no non compliance provided that he discloses his interest at the time when contract is entered by the Co.
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