Payment to relatives
This query is : Resolved
12 August 2011
DEAR EXPERT,
There are two partnership firms managed by same partners.
should transactions between them be disclosed in 3CD?
plz guide.
There are two partnership firms managed by same partners.
should transactions between them be disclosed in 3CD?
plz guide.
12 August 2011
Yes.
In 3CD, as you know, we have to show salary & remuneration paid to partners under clause 18 along with the related party transactions. So when the partners are interested in any firm, transaction with such firm are covered under the per view of Section 40A(2)(b).
In 3CD, as you know, we have to show salary & remuneration paid to partners under clause 18 along with the related party transactions. So when the partners are interested in any firm, transaction with such firm are covered under the per view of Section 40A(2)(b).
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