Itr 5, remuneration to partners u/s 40(b)

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Gaurav Verma

Gaurav Verma (Querist)
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29 June 2014 in itr 5, remuneration/interest to partners, where to be shown? (any specified column)

CMA Nishad Patkar

CMA Nishad Patkar (Expert)
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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 .

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Gaurav Verma

Gaurav Verma (Querist)
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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????????)

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Rupesh Jain

Rupesh Jain (Expert)
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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

Gaurav Verma

Gaurav Verma (Querist)
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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

Soumitra Basu (Expert)
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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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