In the clause 18 of form 3cb regarding reporting of payment made to specified person , it is necsaary that only those transcation are to be reported where payment made is unreasonable or excessive having regard to FMv
4 Replies
Devendra
(Chartered Accountant)
(4775 Points)
Replied 13 September 2011
Under the above mentioned annexure, the payments which are made to relatives or sister concerns are to be disclosed. It is not that you have to disclose the payment only if it is unreasonable or higher than fair market value.
Regards,
Devendra K
Sunshine
(Helping All)
(10575 Points)
Replied 13 September 2011
All such payments are to be disclosed...no matter they are at FMV or not...
Aankit Khandelwal
(Aricle Assistant)
(34 Points)
Replied 14 September 2011
All payments shall be disclosed....irrelevant to FMV higher or not....
CA rahul
(BCOM(H) ACA)
(725 Points)
Replied 15 September 2011
In the clause 18 of form 3cb regarding reporting of payment made to specified person, only payment has to report or credit made to party but payment is still outstanding
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