CA.Dharmender Ilwadia (CA) (62 Points)
13 November 2009Whether reimburesements from clients on account of deposit of ROC fees, taxes and other Out of Pocket Expenses on their behalf, if billed separately, shall be included in the Gross Receipts of Professionals for the purposes of determining the applicability of Tax Audit u/s 44AB.
Thanx
CA. Dharmender Ilwadia
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27186 Points)
Replied 13 November 2009
IF IT BILLED SEPARATELY , THAN IT SHOULD BE NOT INCLUDED IN GROSS RECEIPT, AS THIS RECEIPT IS NOT APART OF INCOME A S DOIN EXEPNSES ON BEHALF OF OTHERS.
CA.Tarun Maheshwari
(CA, DISA)
(7150 Points)
Replied 13 November 2009
Book these expenses under 'recoverable' under Current Assets. Dont make it a part of your gross recipts.
CA.Dharmender Ilwadia
(CA)
(62 Points)
Replied 14 November 2009
Thanx Ayush and Tarunji,
CA. Dharmender Ilwadia
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