Efiling Query - deduction under section 40
This query is : Open
05 March 2011
Sir,
Im filing ITR-5 of a partnership firm..
In the efiling form were shall i claim deductions under section 40..which is for salary paid to partners and interst paid to them...
Im filing ITR-5 of a partnership firm..
In the efiling form were shall i claim deductions under section 40..which is for salary paid to partners and interst paid to them...
05 March 2011
Partners remuneration and interest debited in the profit and loss account may be shown in clause 22 of Schedule BP and the amount of remuneration and interest deductible as per section 40(b)may be shown in clause 30 of the same schedule.
07 March 2011
sir,
on showing salary of partners in clause 22 of sch BP, it is added to the profit of the firm..
i need to deduct the partners salary from the profit.. were shall i put this deduction..
in the same schedule clause 30 deducts the amount from profit...shall i put the whole amount in clause 30
on showing salary of partners in clause 22 of sch BP, it is added to the profit of the firm..
i need to deduct the partners salary from the profit.. were shall i put this deduction..
in the same schedule clause 30 deducts the amount from profit...shall i put the whole amount in clause 30
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