HI,
I HAVE A PVT LTD COMPANY AND I HAVE A PART TIME DIRECTOR,U.K. CITIZEN WITH DUAL CITIZENSHIP OF INDIA, WITH SHARES OF 90%. DOES INCOME TAX AS WELL AS COMPANIES ACT 1956 ALLOW THE REMUNERATION OF SUCH DIRECTOR (IF YES UPTO WHAT EXTENT)?
2 Replies
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 30 December 2009
Hi,
Strict provisions relating to remuneration of directors are not applicable to a private company. So there is no need to worry as far as payment of remuneration by a private company is concerned. However check your articles for any kind of restriction on remuneration.
Best Regards
Suresh Savaliya
(CS )
(62 Points)
Replied 30 December 2009
If your UK Director is 'Non resident Indian', you can pay remunration to him in India Rupee only as per RBI Circular.
Suresh S.
Cs, LL.m
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