Hi, I am a partner of a firm and have received interest 3816/- and remuneration 19000/-. The firm is paying tax on actual profits as it is not presumptive basis so the CA said it has an audit and will file a Tax audit report. Turnover of the firm is 15lakhs. Please can someone guide me where do I enter the interest 3816/- and remuneration 19000/-?
Also should I select "Yes" for
I found schedule BP - 24. Any other income not included in profit and loss account/any other expense not allowable (including income from remuneration , commission, bonus and interest from firms in which individual/HUF/prop. concern is a partner) to include the interest and remuneration (others)
Would appreciate if someone could confirm about the "Yes" for audit and "No" for section 92E
Thank you
Hi Sabyasachi, thank you so much for replying. I am trying to file my personal returns. Please could you confirm the details needed? Can I select all "No" for questions relating to the firm since the firm will file returns separately? The firm has turnover of 15,46,909/- and profit of 6571.56 and the CA of the firm said it will be audited as it will not be done on presumptive basis.
Just wanted to add in Presumptive was opted by the firm in previous years and the firm dissolved in Jan 2021.
Can someone please help me?
Would appreciate if someone could confirm about the "Yes" for audit and "No" for section 92E
YOU ARE CORRECT ....
Thank you so so much Sir
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Please note that the answer is for Partnership firm, ITR 5.
For Partner, if he doesn't have any other business income under PGBP, the answer to the query will be NO to both, in his ITR 3.
can cliam expenses against remuneration ?
if salary taken 10,00,000, then can we claim any expenses ?
if yes then which ?
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