Alok mukherjee (B) (248 Points)
29 February 2012
A merchant navy captain is earning 5 lakhs a month, annually 10months * 5L = 50L (on leave for 2 months a year)
Is he subject to tax audit?
Is his job covered under profession?
thanks
Devendra
(Chartered Accountant)
(4775 Points)
Replied 29 February 2012
What is the nature of services rendered by him?
Alok mukherjee
(B)
(248 Points)
Replied 29 February 2012
he is employed with a shipping company and works on a ship that travels worldwide and carries crude oil.
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 02 March 2012
If he is in employment, then there is no question of Tax Audit Applicability, as Tax Audit is applicable only to an assessee who carries on Business/Profession. Since you have said that he is employed, his income can't be considered as professional income.
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