Income Tax Act

mani (Querist) 24 April 2008 This query is : Resolved
A Director of a company, which was running under loss for past 8 years, had not claimed his salary and no provision has been made in the books as salary payable at all for last 8 years. Now the company has revived and started showing profits. Can he claim his salary in arrears for the last 8 years and what is the impact in company books and the personal taxation of the director ?

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Guest (Expert) 03 June 2008
Mr. Mani,

The Company has to maintain books as per section 209 of the Companies
act 1956, which is double entry system of accounting. Will that no take care of these things.