Delivery of material from a party differant from supplier
This query is : Resolved
06 January 2012
I have a peculiar query:
A pvt ltd Company ABC places an order with another company XYZ. The goods are delivered by the XYZ company to the premises of ABC company alongwith all the documents (CHallans etc) except Invoice. Invoice is sent by a differant company PQR to ABC, also payments are done to PQR by ABC. So for all accounting purpose PQR is the supplier for ABC.
My query is are there any adverse implication with regards to income tax assessment ?
A pvt ltd Company ABC places an order with another company XYZ. The goods are delivered by the XYZ company to the premises of ABC company alongwith all the documents (CHallans etc) except Invoice. Invoice is sent by a differant company PQR to ABC, also payments are done to PQR by ABC. So for all accounting purpose PQR is the supplier for ABC.
My query is are there any adverse implication with regards to income tax assessment ?
06 January 2012
Hi Dhaval,
This type of transactions are normal in real business and thus it would not impact on I.T assessment. The only thing is that the transaction should not have been fake and in this case it is adviceble to pay some consideration as commission to middle party XYZ Ltd just to make this transaction acceptable in the eyes of law.
This type of transactions are normal in real business and thus it would not impact on I.T assessment. The only thing is that the transaction should not have been fake and in this case it is adviceble to pay some consideration as commission to middle party XYZ Ltd just to make this transaction acceptable in the eyes of law.
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?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- 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
- TDS on purchase of value vouchers for employees ?
- 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
