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Please help me

divyesh (Partner) (107 Points)

23 March 2010

Dear all

How to fill up ITR-5 u/s 44af, (profit & loss a/c, balance sheet) where firm is maintaining books of accounts?

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2 Replies

Vivek Angrish (Manager Finance & Accounts) (232 Points)
Replied 23 March 2010

If the firm is maintaining books of account, then what is the problem in filling up of the details in ITR - 5. In ITR-5, the figures are to be filled in worksheet with Name containing Balance Sheet & Profit & Loss Account.

If your question is something which i have not covered, then plz. specify your question in detail.

divyesh (Partner) (107 Points)
Replied 23 March 2010

Dear Mr. Vivek

We are firm and our gross profit is less than 5% of the turnover , So we are filling return u/s 44af.

Trunover : 3500000

Profit as per sec 44af (5% of Turnover):175000

Less Interest to partner:83500

Less Remuneration: 82350

Taxable Income: 9150

Where as my actual profit as per p& L a/c is Rs. 85000 (before interest and remuneration to partner)

So when i debit interest and remuneration to my p&l a/c , it will reflect loss.

My question is as we are maintaing proper books of accounts , In ITR-5 in pross and loss worksheet do i have to fill all details according to my p&L a/c (i.e. show loss) and then worksheet "BP" I have to compute my income acording to sec 44af as mentioned above ?

Regards

Divyesh