Tax audit
This query is : Resolved
29 February 2012
A merchant navy captain is earning 5 lakhs a month, annually 10months * 5L = 50L (on leave for 2 months a year)
Is he subject to tax audit?
Is his job covered under profession?
Is he subject to tax audit?
Is his job covered under profession?
29 February 2012
What is the source of income? Is is from salary?
If it is from salary, then tax audit is not required because tax audit is only in case of business/profession income.
If it is from salary, then tax audit is not required because tax audit is only in case of business/profession income.
29 February 2012
Clarify the nature of source. i.e. by way of business or salary...
Thanks
Mihir Doshi
Thanks
Mihir Doshi
29 February 2012
Appointment letter speaks of compensation offered by the Shipping company to the captain. This is similar to a contract & a fresh contract is made every 3 months.
Can this be treated as salary?
Can this be treated as salary?
29 February 2012
It will be treated as professional income as employer-employee relationship does not exist.
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