what kind of expense a DIRECTOR of co. can claim ?
This query is : Open
21 August 2010
sir
When a director recd. Commission from co. And he is not an employee of the co., he can show this income either as other sources income or business income
Now, my question is how can a director show his income as business income & if he is showing then what kind of expenses he can claim as deduction ?
When a director recd. Commission from co. And he is not an employee of the co., he can show this income either as other sources income or business income
Now, my question is how can a director show his income as business income & if he is showing then what kind of expenses he can claim as deduction ?
21 August 2010
There can be a number of expenses that can be claimed, such as :
Vehicle running exp
Travel exp
telephone exp etc...
Vehicle running exp
Travel exp
telephone exp etc...
21 August 2010
if a director gets salary, then this is the remuneration for all his efforts naa i.e he can not claim the expenses naa as stated above
& in case of director income treated as business income
Does this is the remuneration for all his efforts or not ?
& how can be the income charged as business income in place of other sorces income
& in case of director income treated as business income
Does this is the remuneration for all his efforts or not ?
& how can be the income charged as business income in place of other sorces income
21 August 2010
if a director gets salary, then this is the remuneration for all his efforts naa i.e he can not claim the expenses naa as stated above& in case of director income treated as business incomeDoes this is the remuneration for all his efforts or not ?& how can be the income charged as business income in place of other sorces income
22 August 2010
Sec.192 - The Director and also employee of the company and the relationship of employer and employee, then what ever payment to director need to consider as salary income, the commission also treated s part of salary income
22 August 2010
sir
Commission recd by a Director from a co. Is salary if the Director is an employee of the co. If, however, the director is not an employee of the company, the said commission can not be charged as salary but has to be charged either as income from business or as income from other sorces depending upon the facts.
Commission recd by a Director from a co. Is salary if the Director is an employee of the co. If, however, the director is not an employee of the company, the said commission can not be charged as salary but has to be charged either as income from business or as income from other sorces depending upon the facts.
23 August 2010
If the commission paid to a director (not being employee) need to be treated as Income from other sources
25 August 2010
sir,
The income received to director,not an employee,can be either treated as other sources income but..after satisfying some conditions it will be treated as business income.
The condition may be substantial interest in the company but m not sure.
So i want to know the conditions and also the expenses which can be claimed against the receipt of commission(as this is the remuneration against his efforts), therefore m also not sure can he clain normal expenses(like telephone exp. etc)or only special expenses
The income received to director,not an employee,can be either treated as other sources income but..after satisfying some conditions it will be treated as business income.
The condition may be substantial interest in the company but m not sure.
So i want to know the conditions and also the expenses which can be claimed against the receipt of commission(as this is the remuneration against his efforts), therefore m also not sure can he clain normal expenses(like telephone exp. etc)or only special expenses
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