Itr 5

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2012 Dear Experts,
Suppose net profit of the partnership firm U/s 44AD is coming to Rs. 156000/- and salary of partner is Rs. 150000/-.

Now refer to schedule BP of itr 5.

Whether it is better to put Rs. 156000/- in 1 column of the schedule BP as profit before tax. Now in which row of schedule BP,it is right to write Rs. 150000/- of salary of partner

or

I should put directly Rs. 6000/- as net profit in the 1st column of that schadule BP.

Please advise me.

Amol S Joglekar

Amol S Joglekar (Expert)
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05 September 2012 Please give the cell addresses. There is some thing wrong in what you are asking and what i am understanding.

Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2012 Row no. 30 of schedule BP of itr 5.

Whether it is appropriate to put Rs. 150000/- of partner salary it that row in no a/c case.

Please reply soon.

Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2012 Please reply soon.

Amol S Joglekar

Amol S Joglekar (Expert)
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05 September 2012 i think you go by "no account case". under profit and loss sheet. put gross profit as 156000. expenses zero. Put any other amount as allowable deduction as 150000 in sheet BP row 30.Put 156000 under column H, 33i. Just see how it works or get back

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