sitting fees

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Jagruti Shah (Querist)
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22 July 2009 Hello, please guide me about sitting fees to Directors. Whether to be paid in cash?. with a covering note?. any acknowledgement required, any resigter to be maintained, any TDS on fees? any annual certification? please give procedure for the same. ASAP

Ankur Garg

Ankur Garg (Expert)
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22 July 2009 Hi,

You may pay sitting fees for board and committee meetings of board of directors.

sitting fees may be paid in cash or by cheque.

It should be given along with a covering letter. However it is not a legal requirement.

It is advisable to maintain a register for future reference.

No annual certification required.

Best Regards