Siddhartha Kar (Sr. Executive Accountant) (50 Points)
08 April 2013Hi all,
Please let me know if any full time director has been getting remuneration as monthly salary basis i.e. u/s 192, then the new clause 194J(1) (ba) is attracted on his salary income after 01.07.2012.
I mean after 01.07.2012 did I treat his Income Tax under 194J(1)(ba) instead of 192 ? If so then will he get tax benifit u/s 10(13A)-HRA and 10(14)-TA when he will submit his personal return ?
Regards,
Siddhartha Kar
CA JATINDER KAPOOR
(JOB)
(305 Points)
Replied 08 April 2013
If the directot getting remuneration as per term of employment then it is covered by u/s 192 but the amendment is only for director sitting fees which is paid for service otherwise employer- employee relationship.
It mean TDS u/s 194j is deducted when the director is not employee.
Siddhartha Kar
(Sr. Executive Accountant)
(50 Points)
Replied 08 April 2013
Hi Mr. Kapoor,
Thanks a lot for your reply.
Then director's remuneration other than covered u/s192 does not get any benefit against u/s 10(13a) and u/s10(14) at the time of their individual return as the remuneration means other than salary here.
Now it's clear to me.
Thanks,
Siddhartha
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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