ravi (senior accountant) (507 Points)
04 December 2011a pvt co's MD is a partner in a firm
if this firm deposits some payments (unknown) (only for convenience between these two concerns) to this pvt co
pls suggest me best way to deal with these type of trns I mean should they be treated as loans? pls also suggest
are intergroup loans accepted ?
Is it the best practice? whether tds comes here or can they be taken for interest free without tds ?
psl suggest me the auditors reporting obligations?
amit agarwal
(dept head)
(137 Points)
Replied 05 December 2011
this can be shown as loans and tds need to be deducted on such interest
however auditor is required to report the same under caro subject to the eligibility of pvt co. under such sec...
however do wait for experts comment....
CAclubindia
