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Remuneration to retiring partner

Others 2600 views 4 replies
I have one Query in Income Tax Return. Please give in your valuable inputs. My client is a partnership firm. It had one partner retiring in the middle of the year, say February 2016. Remuneration was provided to the Retiring Partner till the date of retirement i.e. February 2016. But while Filing the Income Tax Return (ITR – 5) for A.Y. 16-17 the return does not provide me with any option where I can mention the remuneration paid to Retiring Partner. Point E of Part A – General in ITR-5 allows me to enter the names of only those partners who were existing partners as on 31.03.2016. And the total of Remuneration of all partners in Point E is only allowed as deduction to me and not the whole remuneration amount (which includes Remuneration to Retiring partner). Is there any place in ITR-5 wherein I can enter the amount of remuneration paid to the Retiring Partner and claim that amount as deduction as well.
Replies (4)

Even I have faced similar problem. I raised a ticket wih CPC Bangalore. Waiting for their response. Meanwhile if you have found any solution, please share.

Any revert on above received yet?

IS ANY SOLUTION FOR THIS

Facing same problem here


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