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Sitting fees taxable under which head of income

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(Querist)
05 October 2007 Sitting fees received by Directors ( Nominee directors and Whole time directors ) is taxable under the head "Income from other sources " for nominee directors and under "Salary" for Executive / Whole time directors.

Am I correct ?
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Ravikumar.G

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Ravikumar.G (Expert)
05 October 2007 Your statement is correct. As per sec 56 of the income tax act Directors' sitting fees is income from other sources.
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KAAPIL

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KAAPIL (Expert)
12 November 2007 Very useful.
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CA. GOPAL SONIKA

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CA. GOPAL SONIKA (Expert)
17 March 2008 other sources

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