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September 2012

Applicability of Service Tax on commission payable to Non- Whole Time Directors of a Company u/s 309(4) of the Companies Act, 1956

By Sejal Vasa, Company Secretary
Reading Time 1 mins
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The Ministry of Corporate Affairs has decided that any increase in remuneration of Non Whole Time Director(s) of a company, solely on account of payment of Service Tax on commission payable by the Company shall not require approval of the Central Govt. u/s 309 & 310 of the Companies Act, even if it exceeds the limit of 1% or 3% of the profit u/s 309(4) of the Company, as the case may be, in the financial year 2012-13.
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