Itr of firm in case of presumptive income
This query is : Resolved
Guest
Guest
(Querist)
11 August 2013
Dear Expert,
I want to know which ITR to file in case of presumptive income declare by firm.
If ITR - 5 is to be filed then where to show the interest paid to partners.
I want to know which ITR to file in case of presumptive income declare by firm.
If ITR - 5 is to be filed then where to show the interest paid to partners.
CA PARAS BAFNA
(Expert)
11 August 2013
The payment is an expense so include the same under the Expenses. Deduct Expenss from Gross Profit , you will get Net Profit.
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