2024 Payments to specified persons u/s 40a 2 b

Payments to specified persons u/s 40a 2 b

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August undefined, 2024

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. Splet39. Amount inadmissible u/s 23 of MSME Act, 2006 [clause 22] 156 40. Payments to specified persons under section 40A(2)(b) [clause 23] 158 41. Deemed profits under section 32AC/33AB/33ABA/33AC [clause 24] 160 42. Profits chargeable under section 41 [clause 25] 161 43. Payments under section 43B [clause 26] 164 44.

Section 40A(2) of Income Tax Act,1961 - TaxGuru

Splet19. dec. 2024 · Income Tax Tax audit- Clause 23 u/s 40A (2) b vivek anandan (21 Points) 17 December 2024 Payments made to specified persons must be disclosed here. now my … SpletScope 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” fraction8 nyx

Amount specifically not deductible under section 40 - SlideShare

Splet17. jun. 2024 · Section 40 (A) (2) provides that expenditure for which payment has been or is to be made to certain specified persons listed in the section 40 (A) (2) (b) shall not be … 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 … 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 … blakc dots on my monitor

02 09 15_tax_audit_clausewise - SlideShare

Section 40A(2): Disallowance of Payments to Relatives in 2024

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 … 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 ... blak coffee kenosha wihttp://www.cas.ind.in/wp-content/uploads/47-Session-II.pdf fractiomino

"Splet29. 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. … " - Payments to specified persons u/s 40a 2 b

Payments to specified persons u/s 40a 2 b

DOMESTIC TRANSFER PRICING: A COMPREHENSIVE ANALYSIS By

Spletpayments made by the assessee during the previous year to the persons specified u/s 40A(2)(b). These persons are generally termed as ‘Related Parties’. It may be noted that relationships/parties covered under AS-18 are not identical. Section 40(A)(2) provides that expenditure for which payment has been or is to be made to certain specified ... 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 …

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Spletpayments. That is the Assessing Officer's prerogative only. According to ICAI's Guidance Note, the tax auditor should apply the following procedures in respect of this clause: (a) Obtain full list of specified persons as contemplated in section 40A(2)(b). (b) Obtain details of expenditure/payments made to the specified persons. SpletThe 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

Splet40. Payments to specified persons under section 40A(2)(b) [clause 23] 158 41. Deemed profits under section 32AC/33AB/33ABA/33AC [clause 24] 160 42. Profits chargeable …

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) 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 …

Splet29. 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 …

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 … blakc snake moan is what style of bluesSplet28. 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 blakcfnety cropped hoodieSplet09. 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) … blakc kid wiht obnoxious teethSpletSpecified 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 … blakc great americansSpletiii. persons covered by specified domestic transactions 4 iv. meaning of specified domestic transactions 4 v. expenditure made to persons mentioned section 40 a (2) (b) of the act 1. meaning of substantial interest 2. persons covered under section 40a (2)(b) of the income tax act, 1961 5 vi. any transaction of section 80-ia of the act 14 fraction 4 2 equalsSplet14. mar. 2024 · Income Tax - Introduction Section 40A(2) of Income Tax Act, 1961 deals with payments to relatives and associated persons. It provides that where the assessee … blakc wool hood duffle coathttp://www.sjaykishan.com/wp-content/uploads/2016/05/Related-Party-Transactions-Harmonising-and-Reporting-under-various-statutes.pdf blakc suit shirt tie combination