related party payments
This query is : Resolved
10 September 2009
HELLO
in 3cd report we got to report the payments made to related party .the related party mean those who have substantial interest in the company/firm. so whats the scope of substantial interest. what is the yard stick to decide whether a person have substantial interest or not
in 3cd report we got to report the payments made to related party .the related party mean those who have substantial interest in the company/firm. so whats the scope of substantial interest. what is the yard stick to decide whether a person have substantial interest or not
10 September 2009
If u are taking about clause 18 of Form 3CD,U can rely section 40A(2)(b) and 2(41) of The Income tax Act,1961 to measure the yardstick of substantial interest.
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Ratan Sharma
(Expert)
11 September 2009
Agreed with Mr. Kaustuv. 20% of voting right or 20% of share in the profit.
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