A partnership firm is maintaining books of accounts and the adjusted loss as per IT is Rs.1,00,00/-.
The turnover for AY 2014-15 is Rs.15,00,000/- 8% u/s 44AD is 1,20,000 and interest on capital & remuneration is 1,00,000/- . The deemed profit u/s 44AD will be 120000-100000= 20000/- how to fill ITR V in this scenario? Can we fill up the 8% profit figure directly under 44AD in schedule BP and do not fill p&l a/c either in the books maintained case/no books maintained case. If we want to show the turnover, where to show? If we take it as a books of accounts not maintained case, how to fill up the grossprofit, expenses, net profit in the columns of p& l account- no books case?
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