25 October 2021
Dear Sir, kindly advise us as to any tax implications in following transactions 1. we have a trustee company X and trust Y 2. trustee company is Pvt Ltd Co 3. we have received expense invoice from in the name of trust but payment made through trustee company by mistakenly 4. we have decided to trust will pay to trustee company same amount as trustee Co. has paid on behalf of trust.
Will it (funds transferred as per point no 4 above) legitimate as per taxation laws ?
26 October 2021
sir money is received back but invoice mentioned the name of trust not company. but company has paid amount and recovered from trust. we have accounted invoice in trust and payment adjusted through adjustment entry between trust and trusty company. Still ratification nit required in the board meeting of trustee company ?
CAclubindia
