• Non-salaried director

Dear sir/mam
In feb 2016 me and my friends started a pvt ltd company, we both are first directors but my friend is CEO of the company. I am not taking any salary from the company. apart from this I  joined a govt job but contractual in sep-2016 and drawing salary form here. I have given undertaking to this govt organization  for not taking any salary from anyother source. although i am not taking any salary from the pvt ltd company but i am the director of it. Can my govt. organization take any action if they come to know.  How can i declare in written that i am a non-salaried director of the company to avoid any future trouble. or can i do something else to avoid trouble but i do not want to resign from directorship of the pvt ltd company.
Asked 7 years ago in Income Tax

Dear Sir / Madam,

The Government Declaration is required for the purpose to mentioned that you are not associated with any other organisation. However if they come to know about the information than they might take some action. Rather it will better if you can give declaration that you are running a business and you are director of the company but not taking any salary and you are not actively associated with the company to safeguard. But it may not allow to by the government so you have to take that risk.

Vishrut Rajesh Shah
CA, Ahmedabad
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