Payment made to person specified u/s 40a(2)b
This query is : Resolved
22 September 2016
If on of our client purchase some raw material of Rs.1200000 from its holding Company in F.Y. 2015-16 and it Paid a sum of Rs.1000000 in F.Y. 2015-16 and Rs.200000 is still outstanding than in Tax Audit Report in Point No.23 Particulars of Payment made to person specified under section 40A(2)b what amount will be reported :-
1.Rs.1200000 Amount of Raw Material purchase.
2. Rs.1000000 Amount of Payment Made.
1.Rs.1200000 Amount of Raw Material purchase.
2. Rs.1000000 Amount of Payment Made.
22 September 2016
In tax audit report we should report the total transaction value. i.e in your case Rs 12,00,000/-.
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