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RELATED PARTY TRANSACTIONS UNDER COMPANIES (COST RECORDS AND AUDIT) RULES 2014

Corporate Laws / Banking / SEBI / LLP - By: - Mr. M. GOVINDARAJAN - Dated:- 14-3-2015 - Form CRA-1 is to be maintained by the companies which are required to maintain cost records. The said form indicates what the particulars relating to the items of costs to be included in the book of accounts. Item No. 24 deals with the related party transactions. Related party is defined as the related party as defined under Section 2(76) of the Companies Act, 2013. Section 2(76) of the Companies Act, 2013 de .....

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ustomed to act in accordance with the advice, directions or instructions of a director or manager; Any person on whose advice, directions or instructions a director or manager is accustomed to act; Nothing in the previous two clauses shall apply to the advice, directions or instructions given in a professional capacity; Any company which is- A holding, subsidiary or an associate company of such company; or A subsidiary of a holding company to which it is also a subsidiary; Such other perso .....

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sale is not made to a related party. Normal price can be considered to be a price at which two unrelated and non-desperate parties would agree to a transaction and where such transaction is not clouded due to the proximity of the parties to the transaction and free from influence though the parties may have shared interest. The basis adopted to determine normal price shall be classified as under: Comparative uncontrolled price method; Resale price method; Cost plus method; Profit split meth .....

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; Utilization of plant facilities and technical know-how; Supply of utilities and any other services; Administrative, technical, managerial or any other consultancy services; Purchase and sale of capital goods including plant and machinery; and Any other payment related to the production of goods or rendering of services under reference. These records shall also indicate the basis followed for arriving at the rates charged or paid for such goods or services so as to enable determination of .....

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