Charanjit Singh (Senior Consultant) (34 Points)
16 July 2012Please note that one of my client is Director in more than one company and taking remnuration from both the companies. In both the companies he is executive direcor and employee/employer relation can be established.
Please confirm under which section the TDS will be deducted in both the organizations - Sec 192 or Sec. 194(J)?
Eagerly waiting for an appropriate solution from all of you.
Charanjit
CA Pk jain
(CA)
(33 Points)
Replied 16 July 2012
U/s 192
From co. point of view, he is an employee on salary basis.
CMA. CS. Sanjay Gupta
("PROUD TO BE AN INDIAN")
(114225 Points)
Replied 16 July 2012
I assume a fixed amount is paid monthly in both the cases. Section 192 will be applicable but any other payment apart from salary will attract Sec 194J(1)(ba).
Pawan Mittal
(CA Final)
(711 Points)
Replied 16 July 2012
I agree with pk jain and Mr. Sanjay Gupta. When salary is paid to director than tds will be deducted under section 192 but when any commission, board sitting fees or any other payment is made, tds will be deducted under section 194J(1)ba.
Deepak Gupta
(Chartered Accountant)
(33 Points)
Replied 16 July 2012
Dear All,
I have a question regarding applicability of TCS. Please advice.
For eg. If X is a jeweller and sells jewellery of Rs.6 Lakhs to his customer Y. Y pays him Rs. 1 Lakh cash and balance amount in cheque. Now my question is whether TCS will be collected @ 1% on cash component or on the total sales value.
Please advice ASAP.
Avdhesh Kumar Sharma
(Manager Accounts)
(22 Points)
Replied 17 July 2012
Total Sales Value on Rs.6.00 lacs. I mean, we have to follow the total sales value. payment either can be cash or kind.
CAclubindia
