Presumptive bussiness income of firm & presentation in itr-5
This query is : Resolved
07 November 2014
Dear Experts,
Following is the data of a partnership firm. Please give your suggestions on calculations & presentation in ITR-5
Turnover Rs 4590000
Profit @ 8% Rs 367200
Less Int on cap
(as per deed @ 12%) Rs 133200
Book Profit Rs 234000
Less Partners Salary
(90% of 234000) Rs 210600
Profit from Business Rs 23400
While filing ITR-5, same will be reported in item no 53 as under:
Gross Receipt Rs 4590000
Gross Profit Rs 367200
Expense Rs 343800
Net Profit Rs 23400
Please let me know whether above calculation & presentation in ITR-5 is correct or not
Dear Experts,
Following is the data of a partnership firm. Please give your suggestions on calculations & presentation in ITR-5
Turnover Rs 4590000
Profit @ 8% Rs 367200
Less Int on cap
(as per deed @ 12%) Rs 133200
Book Profit Rs 234000
Less Partners Salary
(90% of 234000) Rs 210600
Profit from Business Rs 23400
While filing ITR-5, same will be reported in item no 53 as under:
Gross Receipt Rs 4590000
Gross Profit Rs 367200
Expense Rs 343800
Net Profit Rs 23400
Please let me know whether above calculation & presentation in ITR-5 is correct or not
07 November 2014
Yes, it is correct. It falls under NO ACCOUNT CASE and hence what you are doing is right.
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