26 August 2013
Is Payment made to Partners of a Partnership Firm in respect of salary, int on capital & commission are covered u/s 40A(2)(b). Is it filled in Tax Audit Report while giving information regarding related party transaction.
26 August 2013
Person referred to in Clause (b) of Section 40A(2) in case of Partnership Firm includes Partner of the Firm or any relative of any Partner.
Hence, any payments made to the Partners of the Firm are covered under section 40A(2)(b).
Any payments made to Partners to be reported in Form 3CD in clause 18.
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