Tax Audit for Contract Employees
This query is : Resolved
13 July 2010
Hi Every one, This is Prakash
You people aware that all companies recruiting some employees on contract basis and Giving TDS Statement in Form 16A mentioning its a consultancy service or something.
Say it is a software company, giving form 16A for a Contract Employee nd the amount paid was Rs.15,00,000 with Tax deducted on it
Now tell me whether he needs to get his Accounts audited U/s 44AB since the amount exceeds 10 lacs????
You people aware that all companies recruiting some employees on contract basis and Giving TDS Statement in Form 16A mentioning its a consultancy service or something.
Say it is a software company, giving form 16A for a Contract Employee nd the amount paid was Rs.15,00,000 with Tax deducted on it
Now tell me whether he needs to get his Accounts audited U/s 44AB since the amount exceeds 10 lacs????
CA. B.SRINIVASULU
(Expert)
13 July 2010
Since it had become a professional receipt tax audit provisions are attracted in the above example mentioned by you.
Aditya Maheshwari
(Expert)
13 July 2010
Also replied here
https://www.caclubindia.com/forum/tax-audit-92599.asp
https://www.caclubindia.com/forum/tax-audit-92599.asp
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