Please Help: Contract to Partner 194C
Posted Date : 01-Apr-2013 , 08:38:20 pm | Posted By: Vijay
Category :
Income Tax | Answers :
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A Partnership Firm Consisting of 10 Partners all are from same family i.e family members whose business is manufacturing of garments & Tax Audit Firm.
Manufacturing Process is outsourced to one of the partner i.e given contract U/s 194C for Amt of Rs.35L for whole year & TDS Is deductued.
My Question is what are the consequences for such contract to partner in Scrutiny Assessment.
whether the AO may Dis allow the contract?
In Report we qualify U/s 40A(2)
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Answers:
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 Answer by: Vikash Kumar Jha |
| If there is contract with any partner then it will be cover related parties transactions. And information about this should be reported in report. And disallowance case should not be arise because tds is deducted.
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