Please advise me on this subject... as i am not getting clear idea about this.
Director A is taking Salary from his 6 diffrent type of business companies.
My Q is whether from any one co. he furnish details of his income and deduct TDS or every company individually deduct his TDS.
If Director choose any one of co. for deducting TDS, then other Companies Expenditure regard Director salary is disallowed or how can we satisfy ITO with reference to ACT.
Please Guide me regard this issue... Thanks in Advance..
16 July 2012
In the given case every company is require to deduct tax because each company is separate legal entity and different assessee in the eye of Income Tax Act. As per 192B, every employer is required to deduct tax on salary and director has to furnish details of its income and tax sesucted thereon to all companies in form 12B.