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related party payments

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(Querist)
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
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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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Kaustuv

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Kaustuv (Expert)
10 September 2009 its 20% voting power rule
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Ratan Sharma

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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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