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?

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.

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
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27 June 2012 yes tax audit limit of professionals are 15 lakhs in f.y 2011-12.

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