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
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