Queries in ITR-6.

This query is : Resolved

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)
Follow

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.

Members may express their own views.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now