Form 23ac as 18 figure to be mentioned
This query is : Resolved
11 August 2011
Dear All
in Form 23AC Part B we need to fill Gross value of transcation as per AS 18
here in this form capital Item is required to be filled
now supposed a company ( related party) has given loan to another company to the tune of Rs 80 lacs say in 2008 in the 2010 11 it repayed Rs 10 lacs bal Rs 70 lacs
now if we see related party statement both the figures will appear
but which amount need to be mentioned in 23AC whether 10 lacs or 70 lacs
in Form 23AC Part B we need to fill Gross value of transcation as per AS 18
here in this form capital Item is required to be filled
now supposed a company ( related party) has given loan to another company to the tune of Rs 80 lacs say in 2008 in the 2010 11 it repayed Rs 10 lacs bal Rs 70 lacs
now if we see related party statement both the figures will appear
but which amount need to be mentioned in 23AC whether 10 lacs or 70 lacs
11 August 2011
Balance sheet figure has to be mentioned meaning thereby Rs. 70/- lakhs has to be entered in e-form 23AC (Part B column 14).
11 August 2011
70 lacs is to be shown on the logic that you have free of 10 lacs and now the real value of related transaction is 70 lac only
11 August 2011
thanks but in earlier year when loan was given the total amount of Rs 80 lacs have been shown so that was the tanscation during that period
now during previous year Rs 10 lacs is repayed so the transcation during last year was of Rs 10 lacs.
Rs 70 lacs in closing balance hence considering this senario I am under impression that Rs 10 be mentioned
kindly correct me if I am wrong
now during previous year Rs 10 lacs is repayed so the transcation during last year was of Rs 10 lacs.
Rs 70 lacs in closing balance hence considering this senario I am under impression that Rs 10 be mentioned
kindly correct me if I am wrong
11 August 2011
Instruction to e-form 23 AC (part B cloumn 1 to 15) says as followe:-
"The figures should be as per the latest annual accounts of the company, attached with the eForm".
So, Rs. 70/- lakhs should be filled in.
"The figures should be as per the latest annual accounts of the company, attached with the eForm".
So, Rs. 70/- lakhs should be filled in.
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