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Itr5

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 July 2012 Dear experts,
A partnership firm opting Section 44AD and its gross receipts are Rs. 4400000/- and net profit @8% comes to Rs. 352000/- and interest on capital + salary of partners comes to Rs. 332000/- and after appropriation net profit remains to Rs. 20000/-.
When filing ITR 5, col. no. states as -

a Gross receipts - 51a - Rs.4400000/-
b Gross profit - 51b - Rs. 352000/-
c Expenses - 51c - Rs. -----
d Net profit - 51d - Rs. -----

What to fill in col. 51c and 51d and how to show their interest and salary in no a/c case.
If I fill Rs. 32000/- in col. 51c and Rs. 20000/-in col. 51d,
Then I am worried that Department can issue notice that my profit is less than 8% in col. 51d
What is good optin between efiling and manual return in above case, as I think that I can indicate by pen in manual return that col. 51c is for allowable interest and salary, but it can not be done in efiling.
Please advise me.

Thanks in advance.
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Amol S Joglekar

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Amol S Joglekar (Expert)
02 August 2012 Although the doubt is genuine, let us not underestimate the CPC. File itr4S. it is for 44AD. That will reduce your doubts.
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Querist : Anonymous

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Querist : Anonymous (Querist)
02 August 2012 However itr4S is intented only for individuals.
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
02 August 2024 https://docs.google.com/document/d/1TRpWJh86lE2Cq4-mnvkuGPH4G8elCNaegz3my-rVJAo/edit?usp=sharing
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