05 October 2009
this section covers the expenses or payments done to relatives and dr. to profit & loss account during the year For eg. : 1. Partnership firm dr. some expenses or payments made to partners/relatives of partners. Then this needs to be mentioned in tax audit report u/s 40a(2b). 2. Expenses dr. to profit & loss account of company as salary to director or to a party of director is relative.
There are many more example for explaining the term relative.
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