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of <h1>Central Govt Scrutinizes Director Contracts in Companies with Rs. 1 Crore Capital; Cheque Equals Cash for Tax Compliance.</h1> Contracts involving directors in companies with a paid-up capital of Rs. 1 crore or more, particularly concerning the employment of directors as managing directors, fall under the scrutiny of the Central Government. A query was raised about whether contracts executed for cash at market prices are exempt from certain provisions, specifically regarding the Income-tax Act, which mandates payments over Rs. 2,500 to be made by cheque. The response clarifies that a cheque is considered equivalent to a cash payment for compliance with these provisions.
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