Is tax audit required

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Accountant
107 Points Joined September 2012

Sir,

Mr. X is a tax/legal practitioner and making tax payment from his own account on behalf of his clients which is more than 25 lakhs in a year, and his income/receipts/fees is less than 8 lakhs in a year, my question is, is he need to do tax audit or not.

(My Sr. Says no and My friends Sr. Says Yes, hence this question is)

Regards

Renu

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On 14 February 2015 at 14:04 Report
Replies (24)
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Accountant
29 Points Joined December 2013

No need for tax Audit

Becouse he paid tax on behalf of his client

and that's not his income

 

 

 

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On 14 February 2015 at 14:08
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Student CA Final
85 Points Joined May 2014

Right

He is not liable for tax audit.

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On 14 February 2015 at 15:52
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partner
21 Points Joined February 2015
no need for tax audit, bcz pay taxes on behalf of client is not income
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On 14 February 2015 at 19:22
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Financial Assistant
23 Points Joined February 2011
No required for tax audit
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On 14 February 2015 at 19:56
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Article Assistant
22 Points Joined February 2015
The tax is paid through his account on behalf of his clients. Hence no requirement of tax audit in his case as it doesnt amount to any income.
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On 14 February 2015 at 20:13
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Article Assistant
22 Points Joined February 2015
The tax is paid through his account on behalf of his clients. Hence no requirement of tax audit in his case as it doesnt amount to any income.
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On 14 February 2015 at 20:18
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Article Assistant
44 Points Joined February 2015
No need of tax audit.
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On 14 February 2015 at 22:09
Guest
Tax audit is not required.
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On 14 February 2015 at 23:26
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Army
23 Points Joined February 2015
Yes. There is no need of tax audit.
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On 15 February 2015 at 06:52
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Army
23 Points Joined February 2015
Yes. There is no need of tax audit.
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On 15 February 2015 at 06:55
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Army
23 Points Joined February 2015
Yes. There is no need of tax audit.
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On 15 February 2015 at 06:56
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Chartered Accountant
22 Points Joined July 2009
No tax audit required.
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On 15 February 2015 at 14:39
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Manager- Accounts
69 Points Joined April 2009
No need of tax Audit.
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On 15 February 2015 at 20:09
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accountant
124 Points Joined May 2011
I have a question regarding this i am an insurance advisor some of my clients deposit their premium cash in my account after thatci withdraw a cash paid premium of them so is it consider as my income bcause it is deposited in my account My client is from various cities.
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On 15 February 2015 at 20:13


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