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Sec 40a (2) b
HELLO FRIENDS, MY CLIENT HAS A PROPRIETORSHIP FIRM, DURING THE PREVIOUS YEAR HIS SALES AMOUNTS TO RS 3 CRORES ALL HIS SALES TO THE FIRM IN WHICH HIS FATHER IS PROPRIETOR. PLS. TELL ME IN AUDIT REPORT WHETHER I HAVE TO REPORT U/S 40 A (2B) PAYMENT TO RELATIVE OR NOT I THINK IT APPLIES TO PURCHASE AND NOT SALES. PLS. HELP ME. THANKS.
Replies (2)
PLS. REPLY ANYBODY.
40a(2)(b) applies on only expenditures of the buz...not on the income so here cause to worry in fathers case as paying to the sons (relative) buz. and not to the son as receiving the income. father has to comply with 40a(2)(b) compliances.
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