Please Help: Form3CD
Posted Date : 26-Sep-2011 , 01:47:27 pm | Posted By: Ashish Sanghi
Category :
Income Tax | Answers :
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Whether in S.No 11 of Annexure-1 Part-B of Form-CD i.e., comission paid covers bank guarantee commission paid? give reason. |
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Answers:
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 Answer by: Ashish Karundia |
| Dear Ashish,
The guidance note issued by ICAI does not covers the issue that whether the nomenclature 'Commission Paid' includes the commission paid to banks over bank guarantee. It may be noted that as a matter of practice followed by all leading CA Firms including Big 4, if the commission paid to bonks on account of guarantee is shown as a separate line item (i.e. a separate GL is maintained for the same), then the same in included in the 'Commission Paid' figure. However, if the same is shown is shown along with Bank Charges under the head 'Bank Charges', the same is not included in 'Commission Paid'. Further, it is suggested that even if the expense on account of bank guarantee commission is shown in Bank Charges, if the same is of recurring nature, it is advisable to show the same under the head 'Commission Paid' in Form 3CD - Part B at serial no.11.
Hope this answers your query.
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| Comments |
| Posted By : CA VIPIN GARG |
27-Sep-2011, 09:58:59 |
| perfectly said Ashish Ji....... |
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