Labour Law & Hr Consultant
Partner - Risk Management
Asso.prof.(commerce & Management) Pg
But whether you give it to your self as salary or as drawings, it will be the same. From tax point of view it will be a non allowable expenses and considered as a part of profit withdrawn from business
28th February 2016 From India, Mumbai
If you need regular money for personal expenses, it makes good business sense to factor it in as a salary and take that much home. It's then a part of operating cost in the business. Of course, instead you can draw whatever you need instead of salary.
The point we all made was from tax point of view, it makes no difference whether you draw a salary or not.
29th February 2016 From India, Mumbai
Director also has some roles & responsibilities and he has to get paid for it.
Director should enjoy all the benefits given to the employee.
29th February 2016 From India, Vijayawada
My suggestions are, instead of 'as salary' you may draw money from the firm as 'drawings' and account various expenses that you incur as expenses like-staff welfare, repair & maintenance, vehicle running & maint. exp., business promotion, travel/local conveyance exp., stationery, upkeep of buildings etc. depending on the nature of payment based on the bills you could attach. This type of treatment might solve your query.
2nd March 2016 From India, Bangalore