Tax audit

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srinath (Querist)
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07 August 2012 my client is running a man power consultancy where they are recruiting candidates in clients onsite and issue bill to client and pay back to staff from their payment received agst bill. they have crossed 15 lacs, is this falls under tax audit or not.

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
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07 August 2012 yes you are under tax audit limit

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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07 August 2012 Seems your client is a 'recruiting agent'. If so, the nature of activity comes under "Business" and hence tax audit applicable if the gross receipts exceeds Rs. 1 Crore.
Ref:- Page 24 of ICAI publication "Issues on tax Audit".

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