Is tax audit required

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Accountant
52 Points Posted on 14 February 2015

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
28 Points Posted on 14 February 2015

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
100 Points Posted on 14 February 2015

Right

He is not liable for tax audit.

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On 14 February 2015 at 15:52
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partner
22 Points Posted on 14 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
24 Points Posted on 14 February 2015
No required for tax audit
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On 14 February 2015 at 19:56
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Article Assistant
24 Points Posted on 14 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
24 Points Posted on 14 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
27 Points Posted on 14 February 2015
No need of tax audit.
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On 14 February 2015 at 22:09
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Guest

Posted on 14 February 2015
Tax audit is not required.
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On 14 February 2015 at 23:26
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Army
26 Points Posted on 15 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
26 Points Posted on 15 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
26 Points Posted on 15 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
24 Points Posted on 15 February 2015
No tax audit required.
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On 15 February 2015 at 14:39
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Manager- Accounts
62 Points Posted on 15 February 2015
No need of tax Audit.
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On 15 February 2015 at 20:09
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accountant
123 Points Posted on 15 February 2015
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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