Suspicious Entries in books
This query is : Resolved
09 May 2011
Sir
I m doing Tax Audit of one of the Non-corporate assesee under 44AB of IT Act, 1961.
My client is paying monthly payment of Rs. 15000 for labour charges. I found that he always mention the name of different person on the voucher to whom he's making the payment. He's is doing so bcoz he knows that otherwise he will be required to deduct TDS under 194C when amt. exceeds 75000 during the year.
But i am damn sure that he is making payment to single person only.But i know that i can't do anything.
SO, plz tell me what kind of documents he need to maintain for these payments so that he need not face any problem during Income Tax Case. ?
Shouldn't i tell him to obtain PAN No. from the payees ? or just a voacher with payee's signature is enough ?
I m doing Tax Audit of one of the Non-corporate assesee under 44AB of IT Act, 1961.
My client is paying monthly payment of Rs. 15000 for labour charges. I found that he always mention the name of different person on the voucher to whom he's making the payment. He's is doing so bcoz he knows that otherwise he will be required to deduct TDS under 194C when amt. exceeds 75000 during the year.
But i am damn sure that he is making payment to single person only.But i know that i can't do anything.
SO, plz tell me what kind of documents he need to maintain for these payments so that he need not face any problem during Income Tax Case. ?
Shouldn't i tell him to obtain PAN No. from the payees ? or just a voacher with payee's signature is enough ?
09 May 2011
YES, just a voacher with payee's signature is enough.
NO ,any problem during Income Tax Case FOR payments so that he need
NO ,any problem during Income Tax Case FOR payments so that he need
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