Itr5
Querist : Anonymous
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.
Querist : Anonymous
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