Company is paying sitting fees of Rs. 20000, on such sitting fees company is paying service tax.
MCA vide its circular has stated that service tax paid by company will be deemed to be part of remuneration.
The limit of sitting fees has breached due to payment of service tax, Whether central government approval is required for increase in sitting fees limit?
If the Gross Remnueration exceeds the prescribed limits, then the previous approval of Central Government is required.
Regards,
Devendra Kulkarni
Boutique Investment Bank & Transaction Advisory Firm
Gurgaon
CA
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Shaswat initial support private limited
Ahmedabad
CS
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