15 December 2011
Dear All, I am a practising CA and i used to pay my clients' income tax or excise etc through my firm current account online. is this way of payment is ok and whether there ll be any future problem may arise regarding using personal accunt to pay clients tax dues?????? valued knowledge will be apperciated. thanks
15 December 2011
As per Clause 10 of Part I of The Second Schedule to Code of Ethics , a practicing member can keep moneys of his / her client's in a separate bank account or to use such moneys for purposes for which they are intended. In view of the above, a Chartered Accountant is allowed to make e-payment of taxes from a separate bank account maintained exclusively for this purpose and also he/she has to ensure that there are no other transactions in this account and it should be used exclusively for the purpose of e-payment of taxes of his/her clients.
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