Itr-5

This query is : Resolved

CA Sanjay Baheti (Querist)
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16 August 2012 In case of ITR-5 pertaining to partnership firm relevant to Asstt.Year 2012-13 while feeding data in excel format please clarify the followings doubts as under:-

i) Partner's Salary is to be shown under Salary and Wages head or to be merged under Other Expenses head as there is no specific head for the same.

ii) similarly Partner's Interst @12% p.a. is to be shown either under Interest Head or to be shown under Other Expenses head.

Amol S Joglekar

Amol S Joglekar (Expert)
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16 August 2012 The choice is OURS. Taking into account the fact that the same is tqaxed as business income in the hands of partner, better if you put it as "OTHER"

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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16 August 2012 The partner's salary should be shown under Salary & wages. On the similar line, the Interest to partners should be shown in the interest head.

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