Problem while filling mef

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2012 Sir I am a sole proprietor, while filling form I can not know what to write in these columns:

10.Share Profit (in %) *
11.Receipts from the firm during the previous financial year 2010-11 :
a) Amount of share in Profit (in Rs.) *
b) Salary/Remuneration (in Rs.) *
c) Interest on Capital (in Rs.) *
12.Other business/professional income received during the previous financial year 2010-11 (in Rs.) *
(a) Out of 12, Income permitted by ICAI under CA Act and regulations (in Rs.) *
(b) Business and professional income not covered under 11 or 12(a) (in Rs.) *

Amol S Joglekar

Amol S Joglekar (Expert)
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09 August 2012 Do not fill these columns. they are applicable to partnerships.

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2012 SIR
Without filling anything the page is not saved and show a dial
Enter Share Profit Percentage for Proprietor 1
Sir
Please tell me what to do?

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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10 August 2024 When filling out the Master of E-Filing (MEF) form, especially as a sole proprietor, you need to accurately report various details related to your share of profits and income. Here’s a step-by-step guide to address the specific columns you mentioned:

### Understanding Each Column

1. **Share Profit (in %):**
- **What to Enter:** Since you are a sole proprietor, this percentage is 100%, as you are the sole owner and beneficiary of the profits.
- **Action:** Enter `100` in this field.

2. **Receipts from the Firm During the Previous Financial Year (2010-11):**
- **a) Amount of Share in Profit (in Rs.):**
- **What to Enter:** Enter the amount of profit you received from the business. This should be the net profit allocated to you.
- **Action:** Enter the total amount of profit you received as a sole proprietor for the financial year 2010-11.

- **b) Salary/Remuneration (in Rs.):**
- **What to Enter:** If you draw a salary or remuneration from the business, enter that amount here. For a sole proprietor, this amount might often be zero, as profits are typically not treated as salary.
- **Action:** Enter the total amount of salary or remuneration drawn, if any.

- **c) Interest on Capital (in Rs.):**
- **What to Enter:** Enter the amount of interest you have received on the capital invested in your business.
- **Action:** Enter the total interest amount on your capital for the financial year.

3. **Other Business/Professional Income Received During the Previous Financial Year (2010-11) (in Rs.):**
- **What to Enter:** Enter the total income from other business or professional activities that are not included in the previous columns.
- **Action:** Sum up all such income from other sources related to your business or profession and enter it here.

- **a) Out of 12, Income Permitted by ICAI Under CA Act and Regulations (in Rs.):**
- **What to Enter:** If you are a Chartered Accountant and have income permitted under the CA Act and regulations, specify that amount here.
- **Action:** Enter the amount of income that is permitted under the ICAI guidelines.

- **b) Business and Professional Income Not Covered Under 11 or 12(a) (in Rs.):**
- **What to Enter:** Enter the amount of income that does not fall under the categories specified in 11 (Receipts from the firm) or 12(a) (Income permitted by ICAI). This could include other sources of professional income.
- **Action:** Enter any additional business or professional income that is not included in the previous sections.

### Example

Assuming the following details for the financial year 2010-11:

- **Total Profit Received:** ₹5,00,000
- **Salary/Remuneration:** ₹0 (if you do not draw a salary)
- **Interest on Capital:** ₹50,000
- **Other Business/Professional Income:** ₹1,00,000
- **Income Permitted by ICAI:** ₹50,000
- **Other Income Not Covered Under 11 or 12(a):** ₹50,000

Here’s how you would fill in the details:

- **Share Profit (in %):** `100`
- **Receipts from the Firm:**
- **Amount of Share in Profit (in Rs.):** `5,00,000`
- **Salary/Remuneration (in Rs.):** `0`
- **Interest on Capital (in Rs.):** `50,000`
- **Other Business/Professional Income Received (in Rs.):** `1,00,000`
- **Income Permitted by ICAI Under CA Act and Regulations (in Rs.):** `50,000`
- **Business and Professional Income Not Covered Under 11 or 12(a) (in Rs.):** `50,000`

### Troubleshooting

- **Ensure Correct Entries:** Double-check that all figures entered are accurate and correspond to your financial records.
- **Consult Guidance Notes:** Refer to any guidance notes or instructions provided with the MEF form.
- **Contact Support:** If you continue to face issues, consider contacting the technical support team for the MEF portal or your professional body for assistance.

By following these guidelines, you should be able to complete the MEF form accurately. If further clarification is needed, seeking professional advice from a CA or the relevant regulatory body can also be beneficial.

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