12 November 2014
In Audit report in point 23 it is asked Particulars of payments made to persons specified under section 40A(2)(b). Respected Sir/madam, I want to know in partnership firm did partner is included in related party or not and if yes does it will come in this point or not. Thanking you
21 November 2014
Section 40A(2)(b) clearly provides that in case of a partnership firm the partner is a specified person for the purpose of this section.
Accordingly payments to partner/s by partnership firm have to be reported in Form 3CD
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