Payment of various e-tax liability of clints by Profesnals
This query is : Resolved
29 April 2010
i want to know that if i am paying e-tax of my clints from my saving account and recving cash/ chq from clints .than can it be taken as my expenditure/income by IT-department. pls reply soon
29 April 2010
THIS IS NOTHING BUT REIMBURSEMENT OF EXPENDITURE.
ISSUE A SEPERATE BILL AGAINST THE PAYMENT TO AVOIDE TDS DEDUCTION.
ISSUE A SEPERATE BILL AGAINST THE PAYMENT TO AVOIDE TDS DEDUCTION.
29 April 2010
My view it is one type of Loan given and received back. no income expenses involved unless the charges or interest reimbursed
30 April 2010
Dear Ramesh
IF the above is a loan given and received back then if the amount exceeds Rs. 20,000/- then whether the same should be shown in tax audit report of the client?
In my view the same should be shown in current liability rather than showing a loan.
And also seperate bill or a note should be issued to save on TDS & service tax
IF the above is a loan given and received back then if the amount exceeds Rs. 20,000/- then whether the same should be shown in tax audit report of the client?
In my view the same should be shown in current liability rather than showing a loan.
And also seperate bill or a note should be issued to save on TDS & service tax
30 April 2010
Others view also solicited
30 April 2010
Basically you need to prepare the separate statement/extract for those transactions. Also you need to keep the proper records of those transactions.
For IT part, This should be shown as outoff pocket expenses in assets side, as this will be receivable from clients or vice versa.
This will never be a income or expenses.
I also say there is no need to issue diff. bill also, as the copy of tax paid challan is sufficient to close the matter for both client & you.
For IT part, This should be shown as outoff pocket expenses in assets side, as this will be receivable from clients or vice versa.
This will never be a income or expenses.
I also say there is no need to issue diff. bill also, as the copy of tax paid challan is sufficient to close the matter for both client & you.
30 April 2010
Totally agree with Chetan sir
30 April 2010
AGREE WITH THE OPINION OF MR. SANAT PYNE. IF THE PERSON PAYING TAX IS CHARGING PROFESSIONAL FEES FOR PAYMENT OF E-TAXES AND PAYING THE TAXES FROM HIS OWN SAVINGS ACCOUNT. HE SHOULD NOT INCLUDE THE AMOUNT OF TAX PAID AND HIS FEES IN SAME BILL.
TRY TO SET OFF THE E-PAYMENT AMOUNT AS SOON AS POSSIBLE. THIS IS A GENERAL FEATURE. I ALSO PAY ROC FILING FEES THROUGH MY CREDIT CARD AND RAISE SEPARATE BILL FOR FEES AND AMOUNT PAID FROM MY CREDIT CARD.
THIS IS SIMPLE AND SHOULD NOT BE COMPLICATED. NO LOAN AMOUNT INVOLVED BUT JUST REIMBURSEMENT OF EXPENDITURE. BUT SHOULD BE SET OFF AS QUICKLY AS POSSIBLE.
TRY TO SET OFF THE E-PAYMENT AMOUNT AS SOON AS POSSIBLE. THIS IS A GENERAL FEATURE. I ALSO PAY ROC FILING FEES THROUGH MY CREDIT CARD AND RAISE SEPARATE BILL FOR FEES AND AMOUNT PAID FROM MY CREDIT CARD.
THIS IS SIMPLE AND SHOULD NOT BE COMPLICATED. NO LOAN AMOUNT INVOLVED BUT JUST REIMBURSEMENT OF EXPENDITURE. BUT SHOULD BE SET OFF AS QUICKLY AS POSSIBLE.
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