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40a(2) of income tax act

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(Querist)
23 August 2011 Dear Expert,

Payments made by Partnership Firm to partners as Interest on capital and remuneration.

Will it cover u/s 40A(2)
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
23 August 2011 Yes, these items are also to be reported in Tax Audit Report as the partners are covered U/s 40A(2).
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
23 August 2011 It is covered under section 40(b) and not under 40A(2) of the Income tax Act,1961.
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