GK
TAXES IN INDIA
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Question
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R, a chartered accountant is employed with R Ltd., as an internal auditor and requests the employer to call the remuneration as internal audit fee. R shall be chargeable to tax for such fee under the
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Income from salaries
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Income from other sources
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Profit and gains from Business and Profession
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None of these
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Explanation:
Detailed explanation-1: -(1) Such class or classes of companies as may be prescribed shall be required to appoint an internal auditor, who shall either be a chartered accountant or a cost accountant, or such other professional as may be decided by the Board to conduct internal audit of the functions and activities of the company.
Detailed explanation-2: -142. (1) The remuneration of the auditor of a company shall be fixed in its general meeting or in such manner as may be determined therein : Provided that the Board may fix remuneration of the first auditor appointed by it.
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