tds on directors remuneration

This query is : Resolved

HEMANGI MANOJ JADHAV (Querist)
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10 March 2009 I AM WORKING IN PVT LTD. THERE ARE 2 DIRECTORS IN A COMPANAY & WE HAVE PAID RS. 20,000/- AS DIRECTORS REMUNERATION TO DIRECTOR NO-2 ,RS. 7500/- AND RS. 30000/- TO DIRECTOR NO-1.

ALL THESE PAYMENT MADE WITHOUT DEDUCTING TDS, JUST TELL ME WHETHER WE HAVE TO DEDUCT THE TDS ON THIS AMOUNT. IF YEAS HOW MUCH WE HAVE TO DEDUCT THE TDS.

PLEASE REPLY ME , ITS AN URGENT

HEMANGI

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
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10 March 2009 HI HEMANGI

UR QUERY IS NOT CLEAR WHETHER THE PAYMENTS ARE FOR WHOLE YEAR OR PM. HOWEVER, THE TOTAL REMUNERATION OF DIRECTORS NEED TO BE CALCULATED FOR WHOLE YEAR AFTER DEDUCTING THE ALLOWABLE DEDUCTIONS FROM SALARIES. AND IF THE TOTAL TAXABLE INCOME EXCEEDS RS.1.50LAKHS FOR AY 2009-10 THAN TAX IS TO BE CALCULATED ON THAT AND SHOULD BE DEDUCTED IN 12 MONTHS.
IF U HAVE NOT DEDUCTED IT TILL DATE DEDUCT IT RIGHT NOW AND SHOW IT AS PAYMENTS MADE TO DIRECTORS.