Tds u/s 194j @10% to be deducted on remuneration to director
This query is : Resolved
05 July 2012
Sir, I am accountant of Pvt ltd co.w.e.f 01/07/2012 TDS to be deducted @10%on Remuneration to Director My question is, whether it is applicable to pvt. ltd. co & what is the limit of remuneration?
05 July 2012
Sec 194J(1)(ba)
Applicable to Pvt. Ltd company also. Limit Rs. 30000- p.a..
Applicable to Pvt. Ltd company also. Limit Rs. 30000- p.a..
05 July 2012
1. The remuneration is to be bifurcated into salary and other remuneration.
2. TDS on salary shall be deducted u/s 192. Exemption limit is slab rate.
3. TDS on OTHER REMUNERATION shall be deducted u/s 194J.
4. Limit of Rs. 30,000 is NOT APPLICABLE to directors remuneration.
Accordingly, TDS is required to be deducted even if the annual remuneration is less than Rs. 30,000.
2. TDS on salary shall be deducted u/s 192. Exemption limit is slab rate.
3. TDS on OTHER REMUNERATION shall be deducted u/s 194J.
4. Limit of Rs. 30,000 is NOT APPLICABLE to directors remuneration.
Accordingly, TDS is required to be deducted even if the annual remuneration is less than Rs. 30,000.
05 July 2012
on Directors remuneration, only to consider what part is salary and what is other fee. For salary part sec will be 192 and for other fees it will be 194 J. Limit of 30,000 is not applicable on director's case. So you must deduct TDS on full amount from first payment
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