Itr-5-u/s 44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 September 2011 Dear sir please clear

Turnover 35Lacs
Profit u/s 44ad 2.80 lacs(8%)
Salary & Intt allowable to partner:Rs 1.50lacs

In ITR -5-P/L schedule in
NO Account Case
i have filled GR:35 lac
Exp:32.20lac
np come to:2.80lacs
NOW where to fill figureof intt & salary to partners:
so that taxablle profit come to 1.30 lac

CA. Nitin Agrawal

CA. Nitin Agrawal (Expert)
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22 September 2011 Dear Anonymous

Please note that still even after opting for Sec. 44AD (Presumptive taxation) you can claim the remuneration and interest paid to the partners. But the same should be as per the partnership deed drafted.

So the NP comes to Rs 1.30 Lacs i.e Rs 2.80 - 1.50 lacs.

So in no account case you have to mention following:

Receipts : Rs 35.00 Lacs
N.p : Rs 1.30 Lacs
G.P : As actuals
Expenses : As actuals considering intt. &
Remuneration to partners.

now cheers

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Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2011 Dear Nitin

I want to know if there is any specific column where I can show salary & intt to partner in ITR 5 or
should I fill the expenses in the no account case (including salary & intt)so that N.P comes to Rs 1.30 Lacs.
but in that case NP will be less than 8% as per sec 44AD

Thanks