Tax received in bank account for paying tax of client in bank account-is treated as a deemed income.
This query is : Resolved
16 February 2023
If Tax consultancy received the amount from client for paying tax in bank account.
is it deemed receipt to be treated as income?
how it will be treated ?
How it is proved not an income of the consultant? to the officer.
Please refer the section in income tax act regarding this situation.
Thanks in advance.
is it deemed receipt to be treated as income?
how it will be treated ?
How it is proved not an income of the consultant? to the officer.
Please refer the section in income tax act regarding this situation.
Thanks in advance.
16 February 2023
It is reimbursement of tax paid on behalf of client. It is not treated as income in IT act.
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