Payments to specified persons u/s 40a 2 b

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Splet11. sep. 2012 · Section 40A provides for certain expenses not deductible under certain circumstances. One such circumstance is provided under Section 40A(4). Under the said … SpletSection 40A(2)(b) in The Income- Tax Act, 1995. (b) The persons referred to in clause (a) are the following, namely:-. (i)where the assessee is an individual any relative of the …

Be Careful about claiming Payments made to Relatives

Splet28. dec. 2024 · As per section 40A (2) (b) payment made or is to be made to the person specified under 40A (2) (b) shall be disallowed to the extent such amount is excessive or unreasonable having regard to: Its fair market values For the legitimate needs of business or profession of the assessee Splet23. mar. 2024 · Particulars of payments made to persons specified under section 40A(2)(b) This section basically disallows expenditure incurred by way of payment to specified persons (relatives) if the assessing officer finds them to be excessive in nature. 24: Amounts deemed to be profits and gains under section 32AC or 32AD or 33AB or 33ABA … rockhounding near nampa id

Section 40A(2)(b) - Tax Guru

Spletprovisions of section 40A(2)(b) of the I.T. Act, 1961, the details of the same are to be furnished against clause 6(a) irrespective of whether payment has been made in respect … SpletThe list of specified persons in case of different categories of taxpayers for imposing the provisions of section 40A(2) are as follows: Individuals Relatives of Individual such as … http://lunawat.com/Uploaded_Files/Attachments/F_4102.pdf other side film

Section 40A(2)(b) in The Income- Tax Act, 1995 - Indian Kanoon

Amount specifically not deductible under section 40 - SlideShare

Splet12. avg. 2024 · Disallowance out of salary to relatives u/s.40A(2)(b) ... as to what as per him was the fair market value of the service which were being rendered by the aforementioned related persons, considering which the payments made to them by the ... out of payment of salary made to persons specified under section 40A(2)(b) of the Act which is highly ... Splet21. nov. 2024 · The assessing officer may not allow you to claim expenses for payments made to specified persons ( as per Section 40A (2) of the Income Tax Act ) if : Payment is to made to certain specified persons AND AO believes that such expenditure is excessive or unreasonable with regard to the fair market value of the goods,services or facilities … rockhounding near park city utahSplet13. dec. 2024 · For example if an assessee purchases goods from specified person for Rs.25,000 and debits the said amount in the Profit and Loss Account. But the fair market … rockhounding near mesquite nevada

"Splet10. apr. 2024 · When a person carrying on a profession is required to get his accounts audited u/s 44AB(b) & u/s 44AB(d) Presumptive tax regime available under the Act to persons carrying on specified professions; Turnover or gross receipts; ... Payments to Persons Specified under section 40a(2)(b) " - Payments to specified persons u/s 40a 2 b

Payments to specified persons u/s 40a 2 b

Be Careful about claiming Payments made to Relatives

SpletAnnexure for Payments to Specified Persons. To print the Annexure for Payments to Specified Persons under section 40A(2)(b), follow the steps given below: Go to G ateway … Splet05. jan. 2024 · General Deduction u/s. 37(1) of the I.T. Act, 1961 ... SECTION 40A(2)-PAYMENTS TO SPECIFIED PERSONS NOT DEDUCTIBLE UNDER CERTAIN CIRCUMSTANCES The following disallowances shall be made notwithstanding anything contained in any other provision of the income tax act : Where the assessee incurs any …

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SpletClause 23: Payments made to persons specified u/s 40A(2)(b) This clause is applicable to all the assessees and requires the Tax Auditor to report payments made by the assessee … SpletDisallowance u/s 40A(2)(b) - excessive or unreasonable payments made to specified persons - AO has not done any exercise to determine as to whether the amount paid by the Assessee to the aforesaid two ladies were excessive or unreasonable by comparing the prevalent market rates.

SpletUnder Section 40A2 of Income Tax Act, such a deduction is disallowed if the transaction fulfils 3 objectives – When the payment is made to cover expenditures of any nature. When such payment has already been made or is in the pipeline to the ‘specified persons’ for the latter’s expenses. Splet09. feb. 2015 · Clause No. Name 21(h) Amount inadmissible in terms of section 14A 21(i) Amount inadmissible under proviso to section 36(1)(iii) 22 Amount inadmissible u/s 23 of MSME Act, 2006 23 Payments to specified persons u/s 40A(2)(b) 24 Deemed profits u/s 32AC/33AB/33ABA/33AC 25 Profits chargeable u/s 41 26 Payments u/s 43B 27(a) …

SpletPayments to Specified Persons u/s 40A(2)(b) Under Clause 18, all the Payments made to Related Parties (Specified Persons) as mentioned in the section 40A(2)(b), needs to be reported in the relevant Annexure. This section empowers the accessing officer to … Splet20. dec. 2013 · 2. Ground No.1 of the assessee’ s appeal reads as under: “1. Ld. CIT (A) erred in law and on facts to uphold the dis allowance of interest paid to persons …

SpletPayment made of Rs. 2,00,000/- or more u/s 269ST (paid by a cheque or bank draft, not being an account payee cheque or an account payee bank draft) 31(c) Particulars of each …

SpletSection 40A(2) – Payments to related parties General scope of Section 40A(2) ‘Any expenditure’ in respect of which payment has been or is to be made to Specified Persons Specified persons having Substantial Interest ( i.e. more than 20% voting power or share in profits) in taxpayer’s business and vice-versa covered Generally, following ... rockhounding near las vegasSplet29. jan. 2003 · The assessee further contended that the A.O. was erred in disallowing interest payments to non-related parties under the provisions of section 40A(2)(b) of ... of Rs. 1.50 crores i.e making 10% disallowance out of the payment to specified persons under Section 40A(2)(b) ... purchases made by the assessee from the persons specified U/s. … rockhounding near pittsburghSpletScope of s. 40A(2)(b) •Domestic TP applies to expenditure for which payment is made or is to be made to a person referred to in s. 40A(2)(b) Coverage is wide; conceptually different from AS18- •Applies to transactions on or after 1 April 2012 •Applies to payments which results in “expenditure” rockhounding near phoenixSpletSpecified persons under Section 40A(2)(b)… Section 40A(2)(b) – amounts paid / payable by assessee company (say ABC Ltd) to:… i. directors of ABC Ltd. ii. any relative* of any … rockhounding near oatman azSpletThe payments were not made individually to the persons of HPCL & GAIL ... Assessing Officer and confirmed by the CIT(A) u/s 40a(ia) of the Act. 19. Ground Nos. 7 to 11 raised by the assessee are with ... specified in Sec.35D(2) incurred before commencement of www.taxguru.in. ITA NO. 588 & 589/Hyd/12 other side fried menuSplet07. maj 2024 · Persons Covered under 40 (A) (2) (b) *Here Only Company/AOP/HUF/Firm have substantial Interest in the assessee business or profession. *If … other side from minecraftSplet29. avg. 2024 · Persons specified under section 40A (2) (b). One of the important clause of Tax Audit Report is Clause No 23 which require the auditor to give details of payments … other side funnel vision