are salary and interest paid to partners needs to be reported in audit report under sec 40A(2b)
9 Replies
kanagaraj
(CHARTERED ACCOUNTANT)
(793 Points)
Replied 18 September 2011
Dear Manik,
The reporting is only if the limit mentioned in the section exceeded
Sachin Agrawal
(Accoutant)
(29 Points)
Replied 02 October 2011
Yes, If limit given in the section exceed
devang
(CA FINAL article )
(181 Points)
Replied 04 October 2011
under 3cd report clause 18
u should need to mention
CA PRABHAKAR JHA
(ACA)
(313 Points)
Replied 08 December 2011
| Originally posted by : manik | ||
 |
are salary and interest paid to partners needs to be reported in audit report under sec 40A(2b) |
 |
The section you referred above is related to Excessive Payment to Relative as far as salary and interest to the partner is concern it is dealt by section 40(b).
As per requirement of Tax Audit Report , it has to be reported under clause 17(g) of form 3CD. For your clarification you are advised to refer FORM 3CD
Rishabh Goyal
(.)
(41 Points)
Replied 09 December 2011
is sale of donated fixed assets Allowed to a Charitable Institution ?
Plz Advice
DIPAL SHAH
(PROPRIETOR)
(61 Points)
Replied 13 December 2011
yes friend it is mandat(ory to dislcose payment made to partner by way of interest or remuneration as per Section 40A(2)(b) of the Income tax act.
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