Related Party Payments
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 September 2010
I came across a case where the assessee has shown rent expense payable to his mother. this is a related party transaction. However only the relevant journal entries have been passed and no payment has actually been made. Is this transaction reportable u/s 40A(2)(b)?
16 September 2010
Section 40A(2)(b) is applicable in case of expenses debited to the P & L A/c. So in the above case expenses have been debited and hence reportable.
16 September 2010
Yes, assessee debited the Profit & loss a/c it means he are claiming expense, hence it is to be reported under section 40A(2)(b)
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 September 2010
Thanks Mr. Aditya and Mr. Bijender
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
