Query regarding audit report
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 September 2011
when the section 40A (2)(b)is applicable? And in case of partnership firm whether the section-40A(2)(b) compulsorly applicable?
Dintakurthi Tirumala
(Expert)
18 September 2011
It is applicable when any transaction related to profit and loss account involved with the relatives of the proprietor in case proprietorship firm, Partners in case partnership firm, Directors in case company. If the above transactions incurred by the firm then it applicable. NOTE: section 40A(2)b applicable to all if any transactions related to that then the question would be answer otherwise simply the answer to the question is NIL.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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