Hi everyone.
I have a query about private ltd companies.
Is there a section in the Income tax act which disallows/penalizes payment of salary/remuneration to an employee of a private Ltd. Co?
I would be glad if anyone could enlighten me on this.
1 Replies
Sunil Kumar
(Indirect Taxation )
(1246 Points)
Replied 04 June 2014
Yes there are nos of sections.
E.g.
Payment in excess of 20000 in cash 40(A) (3)
Payment without deduction of tds if applicable u/s 40 ( i ) (va).
Payment if related party and the same does not hold sufficient qualification for such position 40(A) (9)
etc
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