In the Budget new provision under section 194J i.e. Directors Remuneration which required on Fees for Professional or Technical Services and TDS Will be deducted @ 10% on Fees for Professional or Technical Services. This amendment will be effected from 01st July, 2012 and applicable for Financial year 2012-13 (Assessment Year 2013-14).
Section : 194J
Subject : Fees for Professional or technical services
w.e.f. : 01-07-2012
Changes : Payment to a director of a company any sum by way of any remuneration, fees or commission Which is not a salary shall also attract TDS of 10%
For more Clarity read exact words as per Chapter III of Income Tax Act -
In section 194J of the Income-tax Act, in sub-section (1), after clause (b), the following clause shall be inserted with effect from the 1st day of July, 2012, namely -
“(ba) any remuneration or fees or commission by whatever name called, other than those on which tax is deductible under section 192, to a director of a company; or”.
Section : 194J
Subject : Fees for Professional or technical services
w.e.f. : 01-07-2012
Changes : Payment to a director of a company any sum by way of any remuneration, fees or commission Which is not a salary shall also attract TDS of 10%
For more Clarity read exact words as per Chapter III of Income Tax Act -
In section 194J of the Income-tax Act, in sub-section (1), after clause (b), the following clause shall be inserted with effect from the 1st day of July, 2012, namely -
“(ba) any remuneration or fees or commission by whatever name called, other than those on which tax is deductible under section 192, to a director of a company; or”.
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