Form 23ac
nivedhitha (bangalore) (81 Points)
29 November 2013
can anyone clarify the meaning of gross value of transactions entered into with related parties as per as 18
5 Replies
Vandana J Doshi
(Practising Company Secretary)
(12562 Points)
Replied 29 November 2013
Hi,
Say during 12-13, your Company had received Rs. 1 lakh as share application money from X pvt. ltd., an Associate Company, and later on had refunded the same to X pvt. Ltd. within the same year. So the gross value of transaction between your Company and X pvt. ltd. will be 2 (1+1) lakh, even though the net effect had been nil...
So, the gross value of transactions entered with the related party will be the sum total of all the transactions entered with the related parties....
Hopefully, it is clear...if nt revert here.
nivedhitha
(bangalore)
(81 Points)
Replied 29 November 2013
Ya cleared.. Thank u sir.. But i have a doubt i.e. Whether we have to consider loans and advances also for this purpose or not.. Pls clarify
Vandana J Doshi
(Practising Company Secretary)
(12562 Points)
Replied 29 November 2013
Hi,
its not a SIR, its "MAM".
and yes, all transactions with the related party, be it loans and advances or purchase/sales, have to be considered.....
Regards
nivedhitha
(bangalore)
(81 Points)
Replied 29 November 2013
Sorry.. Really sorry.. I didnt see ur name and thank u so much
nivedhitha
(bangalore)
(81 Points)
Replied 29 November 2013
I am full tension actually soo pls excuse me
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