Govt tax receipts & payments
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 November 2018
Dear Experts, i am a tax consultant , i have received many receipts in my current account for govt tax payments whether income tax, GST, MCA etc.,, payments . clients as a normal practice send amount to my current account , after i will made payment on behalf of clients from my current account , to various govt payments, now my query at the time of receipt under which account i will the amount received for payment, Kindly please clarify in Detailed.
07 November 2018
When you make the payment of taxes, fee, penalty, interest on delayed payment of taxes etc., the challan or receipt is issued in the name of the client. Such payments should be debited to the client's account and when you receive the reimbursements, the same is to be credited to the client's account.
07 November 2018
Also better to maintain a separate bank account for such amounts received from
clients so as to maintain ethics and transparency.
clients so as to maintain ethics and transparency.
07 November 2018
Yes, I fully agree with the suggestion of Mr. Warrier.
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