Itr 5
This query is : Resolved
15 March 2018
Hello
While filing ITR 5 AY 2017-18 for a partnership firm having Gross rceipt up to Rs. 110000 and Net Loss is 30000.
Is there requirement to fill all details in balance sheet and P& L A/c of ITR 5 or just Cash Balance, Debtors & Creditors, Gross Receipt and Net Loss will be sufficient?
Please guide.
Thank you
While filing ITR 5 AY 2017-18 for a partnership firm having Gross rceipt up to Rs. 110000 and Net Loss is 30000.
Is there requirement to fill all details in balance sheet and P& L A/c of ITR 5 or just Cash Balance, Debtors & Creditors, Gross Receipt and Net Loss will be sufficient?
Please guide.
Thank you
CA Ashish Agrawal
(Expert)
15 March 2018
No all the details are required to be submitted as the profit is less than 8% of the T.O. Also Audit liability u/s 44AD also arises as per amendment in section 44 for computing Net Profit for Partnership Firm.
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