Very urgent audit query

obviously manik

Dear Manik,

The reporting is only if the limit mentioned in the section exceeded

Yes, If limit given in the section exceed

under 3cd report clause 18

u should need to mention

Yes, its mandatory.

Originally posted by : manik
	are salary and interest paid to partners needs to be reported in audit report under sec 40A(2b)

The section you referred above is related to Excessive Payment to Relative as far as salary and interest to the partner is concern it is dealt by section 40(b).

As per requirement of Tax Audit Report , it has to be reported under clause 17(g) of form 3CD. For your clarification you are advised to refer FORM 3CD

Yes, you need to..

is sale of donated fixed assets Allowed to a Charitable Institution ?
Plz Advice
 

yes friend it is mandat(ory to dislcose payment made to partner by way of interest or remuneration as per Section 40A(2)(b) of the Income tax act.