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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)
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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

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