Interest deduction from Salary cannot be claimed for advancing advancing interest free loans to employer company

Mukesh Gupta Vs DCIT (ITAT Bangalore) Any remuneration paid to director apart from sitting fees is taxable under the head salary. As per section 2(78) of the Companies Act, 2013, “remuneration” is defined as any money or its equivalent given or passed to any person for services rendered by him and includes perquisites as defined under Income-tax Act. There are limits prescribed as per section 197 of the Companies Act for payment of managerial remuneration to a director of the company. However, exception is when remuneration is paid for professional services rendered by a director. In the i...