Tax audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2012
A company XYZ Ltd. is managing funds and investing in Govt Securities Debt Funds etc. Loss/profit from above activities is transferred to Clients.
Company's Income as per balance sheet is Management fee received from management of Funds on behalf of aforesaid clients .
In addition to that, Company has invested its capital into Fixed Deposits with bank and interest on the same is Rs. 1 crores.
My query is that whether the company is coming under the preview of Tax Audit or not?
Company's Income as per balance sheet is Management fee received from management of Funds on behalf of aforesaid clients .
In addition to that, Company has invested its capital into Fixed Deposits with bank and interest on the same is Rs. 1 crores.
My query is that whether the company is coming under the preview of Tax Audit or not?
Guest
Guest
(Expert)
27 June 2012
The company here is providing consultancy services and it will come under the purview of Tax Audits if its management fees exceed Rs. 15 Lakhs for the year ended 31st March, 2012.
27 June 2012
yes tax audit limit of professionals are 15 lakhs in f.y 2011-12.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Exiting partner in partnership firm in gst portal
- TAX AUDIT QUESTION
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Banking Related Issue
- Average Cost Of High Quality Diamonds
- ITR-3 File/Error Found
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
