Itr 5 for partnership firms
This query is : Resolved
27 March 2016
Sir,
I want to ask you that we have to fill particulars of partners in itr 5 such as name,pan no,address,profit share,etc...here they have asked about rate of interest on capital...which rate should be written here?that is rate as per partnership deed or rate as per actually paid...for example...parnership deed authorises 9 % rate of intersest on capital...but partners took only @ rate of 5% on capital actually as taking full 9 % would make firm to go in to loss....what rate of interest should i write 5% or 9% in particulars (details)of partners in itr 5?
I want to ask you that we have to fill particulars of partners in itr 5 such as name,pan no,address,profit share,etc...here they have asked about rate of interest on capital...which rate should be written here?that is rate as per partnership deed or rate as per actually paid...for example...parnership deed authorises 9 % rate of intersest on capital...but partners took only @ rate of 5% on capital actually as taking full 9 % would make firm to go in to loss....what rate of interest should i write 5% or 9% in particulars (details)of partners in itr 5?
CA. B.SRINIVASULU
(Expert)
27 March 2016
5% has to be shown in the return.
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