Do we require to deduct TDS on sitting fee paid to directors and director is independent non- executiive director having no pecunary relation ship with the company
Devendra
(Chartered Accountant)
(4775 Points)
Replied 09 November 2010
DEAR RAMAKANTH,
IF THE DIRECTOR IS A PROFESSIONAL OR A TECHNICAL PERSON, THEN TDS IS TO BE DEDUCTED U/S 194J.
SOMETIMES SITTING FEES IS CLUBBED WITH THE MANAGERIAL REMUNERATION PAID TO THE DIRECTOR WHICH IS LIABLE TO TDS U/S 192B.
IN MY OPINION TDS IS TO BE DEDUCTED ON SITTING FEES.
REGARDS,
DEVENDRA . K
shailendra
(Accounts Executive )
(128 Points)
Replied 10 November 2010
Hi Ramakant,
First thing is that you have not mentioned amount of sitting fee and second thing, in my opinion,sitting fee of non-executive director comes u/s 309 (4) (a)of Companies Act, just like out of pocket exps. So, there is no section in TDS for payment to non-executive director. If payment is done to executive director, it will add in remuneration and TDS will be deducted u/s 192.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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