ITR 5 + 44 AF
This query is : Resolved
13 March 2009
How to fill up ITR 5 - column 52 ( P/L A/c )...for firm opting for section 44AF....and having
gross turnover = Rs. 38,00,000 /=
net profit = 1,90,000 ( 5 % of 38,00,000/-)
remuneration - Rs.1,18,800
interest to partners - Rs.25,000
If we fill
gross receipts - 38,00,000
gross profit- @ 5% 1,90,000
Expenses:-(Remuneration+Int.) 1,43,800
Net Profit would come as 46,200...which is not 5 % of G.T.
How to fill up ...so as to reflect that the profit declared complies with the provisions of section 44AF and also the computational provisions of the I.T. Act?
Where to show remuneration & Interest which are deductible from N.P to get firms taxable Income....
gross turnover = Rs. 38,00,000 /=
net profit = 1,90,000 ( 5 % of 38,00,000/-)
remuneration - Rs.1,18,800
interest to partners - Rs.25,000
If we fill
gross receipts - 38,00,000
gross profit- @ 5% 1,90,000
Expenses:-(Remuneration+Int.) 1,43,800
Net Profit would come as 46,200...which is not 5 % of G.T.
How to fill up ...so as to reflect that the profit declared complies with the provisions of section 44AF and also the computational provisions of the I.T. Act?
Where to show remuneration & Interest which are deductible from N.P to get firms taxable Income....
13 March 2009
Already Answered.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
