Friends,
I am filing ITR-5 (for a Partnership Firm client) for the Assessment Year 2011-12 having turnover nearing 40L.
I want to show this income (i.e. 8% of 40L) under section 44AD.
While filing ITR-5, how to show this income ? and under which schedule,serial number?
T & R
sir, from your profile i learn that you are a prop. in that case ITR 4S will be applicable.
ITR 5 is applicabel only for firms, aop's etc
| Originally posted by : SRIKAR BABU | ||
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Hai, First fill the Gross turnover in Sch-P&L (52), Gross profit (53) and Expenses - 92%(54), then come to Sch-BP fill in 33(i) the profit figure. |
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Thats right info. i agree with this post.
BUT HOW WHEN THE ASSESSEE FIRM IS MAINTAINING PROPER BOOKS OF ACCOUNTING WHICH SHOWS NET PROFIT OF LESS THAN 8% OF TURNOVER BUT THE FIRM WANTS TO PAY TAX ON 8% WITHOUT TAX AUDIT ?
FURTHER WHEN PROFITS DISPLAYED BY PROFIT & LOSS ACCOUNT BEFORE INTEREST & REMUNERATION TO PARTNERS IS MORE THAN 8% BUT AFTER INTEREST & REMUNERATION TO PARTNERS IT IS LESS THAN 8%. HOW TO FILL UP FORM ITR-5
1. I think the amount calculated @ 8% of turnover or more is to be mentioned in column 33(i) schedule BP and the difference of net profit as per profit & loss account after adjustment of depreciation as per books of accounts and as per income tax act is to be given in column 22 of this schedule. Whether I am correct?
2. 8% or more of turnover without deducting interest and remuneration to partners is to be given in column 33(i) of schedule BP and remuneration and interest to partners is to be given in column 30. Any adverse opinion be kindly given.
where shall we enter remuneration and interest for partners be shown
Friends we are trying to file the ITR 5 form for our partnership firm client.
Can someone guide us how to fill the SI Schedule for Section Codes in ITR 5 please.
CAclubindia
