Tds on director

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2016 A director of a pvt. ltd. compay having salary remuneration of rs. 4 Lakh which is paid at the end of the year. Director also disclosed a rs. 1.70 Lacs deduction under section 80C out of which 1.50 lakh is deducted from the salary i.e. 4-1.5 =2.5 lakh. Now the Company not deducted on salary of director. whether it is Correct? kindly reply urgently.

Shishir Nayak

Shishir Nayak (Expert)
Follow

04 July 2016 Any payment made in nature of salary TDS is deducted under Sec 192 of IT act and payments like sitting fee , professional fees to director TDS should be deducted u/s 194J. In your case you have to decide in what nature you have paid to director and deduct TDS .

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
Follow

04 July 2016 if you paid Director Remuneration above case TDS is not Applicable, if you pay other than director Remuneration TDS is Applicable u/s194J 10% if it excceds 30000/-P.A

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2016 Thanks for your valuable opinion
But i also want to know whether company having any liability if director having other income of rs. 2 lacs. which is not disclosed to the company. And company required any special disclosure in specified format from the director or any else.