Form 23ac

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.

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