Urgent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2013 Dear Sir,
Suppose in case of a partnership firm. Particulars are as follows -

gross receipts - 1000000/-
gross profit - 100000/-
expences - 20000/-
net profit - 80000/- u/s 44AD
interest and salary to partners - 50000/-

Now filing column 51 of part P&L of itr5 -

gross recipts - 1000000/-
gross profit - 100000 lac
expences -
net profit -

In the coulumn of expences I should fill only Rs. 20000/- or I should fill 20000/- + 50000/-

Please advise me.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

04 July 2013 Net Profit means net profit of the firm and expenses means expenses to the firm. Payment of salary to partner is an expense so total expenses will be 70000.
.

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2013 Whether it will confuse to CPC, and asking me that why net profit is below 8% when you opted no account option?

how is the idea if I fill 20000/- as expences here and rest 50000/- is to fill in -
(any other amount allowable as deduction)column 30 of Part BP

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
Follow

02 August 2025 https://docs.google.com/document/d/18G5R8lPz2-ViwrsoiP8_S_qWPGPCPE5K7zdgnlTp6wk/edit?usp=sharing

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA.K.RAMAKRISHNA. PRABHU

CA Aakarsh Jain

Venkateshwaran Ekambaram

Credible HRM

Jayanti Visani

Subscribe Now

Urgent

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA