Queries in ITR-6.

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Guest

Guest (Querist)

15 June 2010 Dear Experts,

have the following queries in ITR-6 for AY 2008-09 :

In computation statement, Rs.140,000/- is deducted as 'Long Term Capital Gain', which is exempt from tax

1. Profit on Sale of Shares - Rs.1,40,000/- (Hope, this amount appears in three places in the ITR-6) :

- Is it right to fill in P & L in Sl. No.3. Other Income - f. Profit on sale of investment being securities chargeable to STT ?

- Is it right to fill in Schedule BP Sl. No.5. Income credit to P & L (which is exempt) - c. Any other exempt income ?

- Is it right to fill in Schedule EI Sl. No.3. Long-term capital gains on which STT is paid ?

2. Is it appropriate to include the following in P & L - Sl. No.3. Other Income - j. Any other income ?

- Liabilities no longer payable.
- Provision no longer required.
- Miscellaneous income.

3. The company in its P & L Account has 'Prior Period Adjustments - Liability towards expenses' Rs.49635/- after PAT.

- Where do I fill this amount in ITR-6 - P & L A/c. ?

(Whether I should adjust with the previous year amount and mention in Sl. No.48. Balance brought forward ......... )

I shall wait for the response.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 June 2010 Sir

My understanding is given in seriatim.

Yes at part A - P&L3f, Sch BP- A3 and in Sch E1-3.
No.
To include in Sl. No. 3 and not in 5.
Yes.
Yes.
No need since begins with Net profit before tax.
Yes.

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