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Income tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 June 2014 IN PROVISIONS RELATED TO UNSECURED LOANS,IT IS NECESSARY THAT LOAN SHOULD BE REPAID TO THAT PERSON ONLY FROM WHOM LOAN HAS BEEN TAKEN.
DOES THE SAME RULE APPLIES IN CASE OF SALE/PURCHASE?
EG.I PURCHASE A CAR FROM DEALER X AND MADE ENTRY IN BOOKS OF A/C AS FOLLOW
CAR A/C DR
TO X
NOW DEALER ASKS ME TO MAKE PAYMENT DIRECTLY TO CAR COMPANY,SO NOW CAN I MAKE THE PAYMENT AND DECIT X(DEALER) IN MY BOOKS?
X A/C
TO BANK
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C.A. Mayur J. Raiyani

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C.A. Mayur J. Raiyani (Expert)
03 June 2014 in that case you should have declaration from third party to pay him directly instead of to whom you are actually pay amount. Declaration should also include any tax liability clarification.
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Guest

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Guest (Expert)
03 June 2014 ya.. you need the declaration or we can say noc for payment to third party
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