Whether in case of Partnership Firm the Payment made to one Partner & other Partner's wife towards lease rent & interest on unsecured loan from partner's wife respectively can be disclosed as required u/s 40A (2) of I.T. act for Tax Audit purposes under 3CD Form.
Please reply urgently.
Payments u/s 40A(2) of I.T.Act
Replies (2)
Dear Sir,
40A(2) - PAYMENTS made to specified persons
So all payments made by Firm to partners & their spouse will be disclosed in Form 3CD.
Its not a matter of choice , the same has to be disclosed....
Amir is correct..
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