40a(2) of income tax act
This query is : Resolved
23 August 2011
Dear Expert,
Payments made by Partnership Firm to partners as Interest on capital and remuneration.
Will it cover u/s 40A(2)
Payments made by Partnership Firm to partners as Interest on capital and remuneration.
Will it cover u/s 40A(2)
CA PARAS BAFNA
(Expert)
23 August 2011
Yes, these items are also to be reported in Tax Audit Report as the partners are covered U/s 40A(2).
23 August 2011
It is covered under section 40(b) and not under 40A(2) of the Income tax Act,1961.
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