Itr 5, remuneration to partners u/s 40(b)
This query is : Resolved
Gaurav Verma
(Querist)
29 June 2014
in itr 5, remuneration/interest to partners, where to be shown? (any specified column)
CMA Nishad Patkar
(Expert)
30 June 2014
For P/L- Under the head Other expenses you can specify these heads and show the remuneration and interest accordingly.
For Tax Computation- Show in Row- 8A(g)of Other Information sheet .
For Tax Computation- Show in Row- 8A(g)of Other Information sheet .
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Gaurav Verma
(Querist)
30 June 2014
sir
1. i dont want to show p&l account. (44ad business)
2. in row-8 of other income..... there is clearly heading----- AMT DR TO p&L A/C, TO THE EXTENT DISALLOWED U/S 40.
(so sir now what to do????????)
1. i dont want to show p&l account. (44ad business)
2. in row-8 of other income..... there is clearly heading----- AMT DR TO p&L A/C, TO THE EXTENT DISALLOWED U/S 40.
(so sir now what to do????????)
Message likes :
2 times
Rupesh Jain
(Expert)
30 June 2014
you show under the schedule
Part A- OI
A. Amounts debited to the profit and loss account, to the extent disallowable under section 40
a
Amount disallowable under section 40 (a)(i),
40(a)(ia) and 40(a)(iii) on account of noncompliance
with the provisions of Chapter
XVII-B
Aa
b
Amount of tax or rate levied or assessed on the
basis of profits
Ab
c Amount paid as wealth tax Ac
d Amount of interest, salary, bonus, commission
or remuneration paid to any partner or member
Ad
e Any other disallowance Ae
f Total amount disallowable under section 40(total of Aa to Ae)
in front of d
Part A- OI
A. Amounts debited to the profit and loss account, to the extent disallowable under section 40
a
Amount disallowable under section 40 (a)(i),
40(a)(ia) and 40(a)(iii) on account of noncompliance
with the provisions of Chapter
XVII-B
Aa
b
Amount of tax or rate levied or assessed on the
basis of profits
Ab
c Amount paid as wealth tax Ac
d Amount of interest, salary, bonus, commission
or remuneration paid to any partner or member
Ad
e Any other disallowance Ae
f Total amount disallowable under section 40(total of Aa to Ae)
in front of d
Gaurav Verma
(Querist)
30 June 2014
sir 1. i dont want to show p&l account. (44ad business) 2. in row-8 of other income..... there is clearly heading----- AMT DR TO p&L A/C, TO THE EXTENT DISALLOWED U/S 40. (so sir now what to do????????)
Soumitra Basu
(Expert)
01 July 2014
go to income from business. show in other deduction.in profit and loss account show under no books of accounts turnover and profit (which should be more than 8%). Then come to income from business show the income under section 44AD and the remuneration should come under other deduction.
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