Rcm on sitting fees
WebThe sitting fees amount limit is decided and fixed by the board of directors in its meeting. It can fix any amount of sitting fees subject to a maximum of Rs. 1 lakh per meeting of the board or a committee thereof. Women Directors and Independent Directors shall not be paid the sitting fees less than the amount as payable to other directors. WebJun 24, 2024 · For instance, payment of sitting fee to a Director would be relevant for the purpose of evaluation of the Circular, as it considered to be part of remuneration paid to …
Rcm on sitting fees
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WebAug 3, 2024 · Renting of immovable property 3. Commission on certain transaction 4. Sitting fee 5. Independent Professional/advisory fee Now, the question arises whether the above services provided by the director would be treated as supply and consequently the payment made by company would be liable to tax under reverse charge? CA.N.RAMASWAMY 7. WebAug 1, 2024 · Gst on Director Sitting fees? 01 August 2024 Does gst is applicable on Director sitting fees? Is it like RCM? 01 August 2024 Yes GST will be applicable to Director Sitting Fees as it doesn't come under employment contract.And logically yes it should be on RCM. You need to be the querist or approved CAclub expert to take part in this query .
WebSep 8, 2024 · Introduction: This article discusses in detail about GST on Services of director i.e. sitting fees, commission etc. Taxability. The government has power u/s 9(3) of CGST Act & u/s 5(3) of IGST Act, to notify the levy of GST on RCM basis on goods or services.. Vide entry no. 6 of notification no. 13 of CGST dated 28th June 2024 & entry no. 7 of … WebThere are various tuition loans and financial schemes available for both undergraduate and postgraduate degree programmes. Step 1: Undergraduate / Postgraduate. Undergraduate …
WebJun 12, 2024 · Any sum paid as sitting fees which is subjected to TDS under Section 194J of the Income Tax Act 1961, will also be subjected to GST, as it is consideration received for … WebFeb 15, 2024 · SAC code under RCM: Contents; what is the SAC code for Director sitting fees. Posts / Replies. Showing Replies 1 to 3 of 3 Records. 1 Dated: 15-2-2024 By:- Alkesh …
WebTDS under Section 194J of the Income Tax Act applicable on the fees/remuneration paid to the director. Accounted in the books of accounts under a separate head distinct from …
WebIntroduction: This article discusses in detail about GST on Services of director i.e. sitting fees, commission etc. Taxability. The government has power u/s 9(3) of CGST Act & u/s … can satan hinder our prayersWebJun 17, 2024 · If a director is regularly employed and payment of sitting fees is coming out of employment terms (TDS U/s 192)- then no GST needs to be paid on RCM. However, where the director is not employed (Ex. Independent Director) and sitting fees is paid- then GST needs to be discharged under RCM. can rock salt hurt dogs pawsWebSep 21, 2024 · Home / BLOG / LIST OF EXPENSES UNDER GST – RCM APPLICABLE. GSTGuide. Recent September 21, 2024. ... Sitting Fees, Commission or any other payment made to director by company: 18%: Yes: Yes: Yes: 65: Audit Fees, Account Writing , Professional Fees (other than Advocate) 18%: Yes: Yes: Yes: 66: can s wave travel through liquidWebNov 30, 2024 · RCM Accounting Entries in GST. Suppose GST rate is 5%. For Month of July. CASE I. Payment made within 30 days or 60 days as the case may be for goods or services respectively from the date of issue of invoice. Invoice received on 03-07-17 Payment of Exp. (any exps. Covered under RCM) on 29-07-17 can roaches become immune to bug sprayWeb02/2024 - Dated: 28-2-2024 - Seeks to amend notification No. 13/2024- Central Tax (Rate) so as to notify change in GST with regards to services as recommended by GST Council in its 49th meeting held on 18.02.2024.; 05/2024 - Dated: 13-7-2024 - Services on which tax will be payable under reverse charge mechanism (RCM) under CGST Act - Seeks to amend … can samsung phones get virusesWebJun 12, 2024 · Services supplied by the director in capacity of a professional-If sitting fees, travelling and incidental expenses, commission or other remuneration is paid to independent director, who is not the employee of the company, for the purposes of attending board … can scammers use other people\u0027s phone numbersWeb3. Whether RCM will always be applicable on “Sitting fees” payable to directors? It depends upon contractual terms, regularity, and responsibilities. If a director is regularly employed and payment of sitting fees is coming out of employment terms (TDS U/s 192)- then no GST needs to be paid on RCM. can sciatica make your feet numb