What is the applicability of TDS provision for ₹14,000 paid as sitting fees to director of a Company during financial year 2020-21?

CS Executive · Tax Laws and Practice · PYQS · December 2021
What is the applicability of TDS provision for ₹14,000 paid as sitting fees to director of a Company during financial year 2020-21?
(A) 10% TDS
(B) Threshold limit of ₹30,000 up to which the provision of tax deducted at source are not attracted
(C) It is of a contract nature so only 1% TDS deduction is required
(D) None of the above

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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