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Form 23ac
can anyone clarify the meaning of gross value of transactions entered into with related parties as per as 18
Replies (5)
Hi,
Say during 12-13, your Company had received Rs. 1 lakh as share application money from X pvt. ltd., an Associate Company, and later on had refunded the same to X pvt. Ltd. within the same year. So the gross value of transaction between your Company and X pvt. ltd. will be 2 (1+1) lakh, even though the net effect had been nil...
So, the gross value of transactions entered with the related party will be the sum total of all the transactions entered with the related parties....
Hopefully, it is clear...if nt revert here.
Ya cleared.. Thank u sir.. But i have a doubt i.e. Whether we have to consider loans and advances also for this purpose or not.. Pls clarify
Hi,
its not a SIR, its "MAM".
and yes, all transactions with the related party, be it loans and advances or purchase/sales, have to be considered.....
Regards
Sorry.. Really sorry.. I didnt see ur name and thank u so much
I am full tension actually soo pls excuse me
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