assessee sold goods to his wife on market value. he is covered under audit u/s 44ab. disclosure u/s 40A(2b) is complied. whether disclosures is required at other place by way of notes or anything else.
please provide solution
thank you
Menu
reporting u/s 40A(2b)
Replies (2)
Section 40A coveres Expenses or Payments cannot be deductible is certain circumstances.
In the given case if the assesses sells goods to his wife then there is no question of payment arises. Sale proceeds will be recipts for the assesse.
I think no disclosure is required here.
No reporting in this case as 40A2b covers purchases and exp.
Recent Threads
- GST RATE OF OUT DOOR CATERING
- Non resident taxation & income tax in India
- GST Rate for oral Hygiene Combo Pack
- GST registration - Address error
- TDS on property pu
- Import of goods IMS action related
- Incometax Survey - Updated Return Filing after the
- TCS under 206C(1F)
- Effect on Cost of Control when Bonus Issue is from
- The deductor filed GSTR 7 turnover including tax.I
Related Threads
CAclubindia
