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KPMG FLASH NEWS KPMG IN INDIA Transactions with sister concern not a sham unless any facts are brought on record to show that it is for tax evasion or not at arm's length. Based on the agreement executed

How to fill out transactions with sister concern

How to fill out transactions with sister concern:

1. Identify the sister concern: Determine which company or entity is the sister concern that you will be conducting transactions with. This could be another business owned or controlled by the same parent company or individual.
2. Gather necessary information: Collect all the relevant details about the transaction such as the nature of the transaction, the amount involved, the time frame, and any terms or conditions associated with it. This information will be essential for accurately filling out the transaction details.
3. Complete the transaction form: Use the provided transaction form or template to fill out the necessary information. This may include the name and contact information of both the sister concern and your own company, the description of the goods or services exchanged, the payment terms, and any other required fields.
4. Review and verify the information: Double-check all the filled-out information for accuracy and completeness. Ensure that both parties' details are correct and that the transaction details accurately reflect the agreement between the sister concern and your company.
5. Seek approval if required: Depending on the internal procedures of your company, you may need to obtain approval from relevant authorities or departments before proceeding with the transaction. Follow the established protocols to secure the necessary approvals.

Who needs transactions with sister concern:

1. Companies with multiple subsidiaries: Businesses that have multiple subsidiaries or sister concerns may need to conduct transactions between them. This could be for various reasons, such as sharing resources, providing services, or transferring assets.
2. Parent companies or individuals with control: In cases where a parent company or an individual holds controlling interests in multiple companies, transactions between sister concerns may be necessary for strategic or operational purposes.
3. Joint ventures or partnerships: When two or more companies join forces to form a joint venture or partnership, they may engage in transactions with each other as sister concerns. This collaboration could involve sharing resources, knowledge transfer, or co-developing products or services.

Note: The need for transactions with sister concerns can vary depending on the specific circumstances and business arrangements within an organization. It is advisable to consult with legal and financial professionals to ensure compliance with relevant regulations and to make informed business decisions.

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What is transactions with sister concern?

Transactions with sister concern refer to business dealings or financial transactions between a company and another company that has a significant ownership interest or control by the same owners or shareholders.

Who is required to file transactions with sister concern?

Companies that have transactions with sister concerns are required to file these transactions in their financial reports.

How to fill out transactions with sister concern?

Transactions with sister concern should be disclosed in the financial statements of the company, detailing the nature of the transactions, amounts involved, and any potential conflicts of interest.

What is the purpose of transactions with sister concern?

The purpose of transactions with sister concern is to ensure transparency and accountability in financial dealings between related companies.

What information must be reported on transactions with sister concern?

Information such as the nature of the transactions, amounts involved, any conflicts of interest, and how the transactions were conducted must be reported on transactions with sister concern.