Payment of self assessment tax on behalf of company
This query is : Resolved
31 October 2012
Hello,
Can a Chartered Accountant pay Self Assessment Tax on behalf of a Pvt Ltd Company if the Company and the Directors do not have net banking? Obviously, the Company will then reimburse the CA through either Cash or Account Payee Cheque? Is there any section in Companies Act/Income Tax Act which prohibits the same?
Does the fact that he is also auditing the Company have anything to do with it?
Can a Chartered Accountant pay Self Assessment Tax on behalf of a Pvt Ltd Company if the Company and the Directors do not have net banking? Obviously, the Company will then reimburse the CA through either Cash or Account Payee Cheque? Is there any section in Companies Act/Income Tax Act which prohibits the same?
Does the fact that he is also auditing the Company have anything to do with it?
Anand Modi
(Expert)
31 October 2012
Yes CA can pay Tax on behalf of the company provided first company transfers the amount to CA or transfers the amount in reasonable time.
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31 October 2012
An assessee can pay income tax using some body else net banking facility vide CBDT Circular 5 of 2008 dated July 14,2008.
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