section 44 AF & ITR 5

The intrest must be less than 12% P.A.

and assessee should get deduction of sec  40 (b) but remuneration should be calculated as follows::-

First 75000 Rs profit:--- 90% or 50000 whichever is more

next 75000 Rs profit ----- 60% of profit

on balance ---- 40 % profit

Note:- The remuneration calculated above must not greater than as provided by partnership deed

You can attach a sheet of computation of income with ITR - 5. Many times we have to attach TDS annexures, etc. So for your conveniency attach computation sheet showing in detail the calculation of income.

Thank you, very much ....

Is this OK .... also   ITR 5 - P/L A/c -  No A/c Case - Column 52

Gross receipts          =  38,00,000 /= 

Gross Profit @ 5 %  =     1,90,000 /=

Expenses                =     1,43,800 /= ( remunertion + interest total ) 

Net Profit                 =        46,200 /=  

or should the remuneration & Interest be entered in column no.30 ( any other amt.allowable as deduction ) of Schedule BP - ITR 5.

No need to be entered in Col. 30 as you are attaching your calculation sheet.

If anyone shows Turnover Less than 40 Lakh and Business Income Calculate more than 5% (means 8%) is it allowed or NOT ?????

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