Can i pay taxes of my clients through my account.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 May 2015
Can i pay taxes of my clients through net banking of my saving accounts if yes than what are formalities will have to follow.
eg. i have 30 clients and i pay approx 50000 per month for each. i.e. 30*50000=1500000.
eg. i have 30 clients and i pay approx 50000 per month for each. i.e. 30*50000=1500000.
09 May 2015
Yes you can pay through your net banking account. Circular issued in 2008 u/r 125 by the CBDT makes it clear that where tax is required to be paid electronically for certain persons under rule 125 it is not necessary that the tax is paid by their account only. However since the tax to be paid by you is of large proportion which would require to deposit Rs. 15,00,000/- in your savings account you may have to explain the tax authorities that the amount was deposited to pay tax of your clients. For this purpose you may preserve the challans.
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