Itr-5

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 January 2014 plz advice where to fill partner's remuneration and printing n stationery exp in ITR-5 n will vat recivable in bal.sheet be shown in p&l account ?

Nitin Bhuta

Nitin Bhuta (Expert)
Follow

01 January 2014 under other expenses.

Querist : Anonymous

Querist : Anonymous (Querist)

10 January 2014 plz advice where to fill partner's remuneration and printing n stationery exp in ITR-5 n will vat recivable in bal.sheet be shown in p&l account ?

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)
Follow

02 August 2024 In **ITR-5**, for a Co-operative Society, you should categorize and report various expenses and incomes in specific sections of the form. Here's how you can handle the items you mentioned:

### 1. **Partner's Remuneration**
In **ITR-5**, if the Co-operative Society has any payments categorized as "partner's remuneration" (though typically, this is more relevant for partnership firms rather than co-operative societies), you should:
- **For Co-operative Societies:** Generally, "partner's remuneration" is not applicable here. Instead, you should check if there are any similar expenses listed under "Other Expenses" or "Administrative Expenses."

### 2. **Printing and Stationery Expenses**
For printing and stationery expenses:
- **Profit & Loss Account Section:** These expenses should be included under "Administrative Expenses" or "Other Expenses" in the profit & loss account.

**Steps to report:**
1. **Go to the "Profit & Loss Account" section** of ITR-5.
2. **Enter the total printing and stationery expenses** under the appropriate category, usually under "Administrative Expenses."

### 3. **VAT Receivable**
VAT receivable should be handled carefully:
- **In the Balance Sheet:** VAT receivable is typically recorded as an asset in the balance sheet.

**Steps to report:**
1. **Go to the "Balance Sheet" section** in ITR-5.
2. **Under the "Current Assets"** section, include VAT receivable as part of "Other Current Assets."

- **In the Profit & Loss Account:** VAT receivable is not directly shown in the profit & loss account as it does not affect the profit or loss directly. Instead, it is adjusted in the balance sheet.

### **Summary**

- **Partner's Remuneration:** Not typically applicable for co-operative societies; if needed, report under "Other Expenses" if the form allows.
- **Printing and Stationery Expenses:** Report these under "Administrative Expenses" or "Other Expenses" in the profit & loss account.
- **VAT Receivable:** Report as "Other Current Assets" in the balance sheet, not in the profit & loss account.

Ensure that all financial details are consistent with the books of accounts of the Co-operative Society and comply with the requirements for accurate reporting.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now