Urgent-section 35ad in itr 5

Schedule BP

Computation of income from business or profession

INCOME FROM BUSINESS  OR  PROFESSION

A

From business or profession other than speculative business

1

Profit before tax as per profit and loss account (item 43  or item 52d of Part A-P&L )

1

2

Net profit or loss from speculative business included in 1

2

3

Income/ receipts credited to profit and loss account considered under other heads of income

3

4

Profit or loss included in 1, which is referred to in section 44AD/44AE/44AF/44B/44BB/44BBA/44BBB/ 44D/44DA Chapter-XII-G/ First Schedule of Income-tax Act

4

5

Income credited to Profit and Loss account (included in 1)which is exempt

a

 share of income from firm(s)

5a

b

 Share of income from AOP/ BOI

5b

c

 Any other exempt income

5c

d

Total exempt income

5d

6

Balance (1– 2 – 3 – 4 – 5d)

6

7

Expenses debited to profit and loss account considered under other heads of income

7

8

Expenses debited to profit and loss account  which relate  to exempt income

8

9

Total (7 + 8)

9

10

Adjusted  profit or loss (6+9)

10

11

Depreciation debited to profit and loss account included in 9

11

12

Depreciation allowable under Income-tax Act

i

Depreciation allowable under section 32(1)(ii) (column 6 of Schedule-DEP)

12i

ii

Depreciation allowable under section 32(1)(i)

(Make your own computation refer Appendix-IA of IT Rules)

12ii

iii

Total (12i + 12ii)

12iii

13

 Profit or loss after adjustment for depreciation (10 +11 - 12iii)

13

14

Amounts debited to the profit and loss account, to the extent disallowable under section 36 (6p of Part-OI)

14

15

Amounts debited to the profit and loss account, to the extent disallowable under section 37 (7i of Part-OI)

15

16

Amounts debited to the profit and loss account, to the extent disallowable under section 40 (8Ag of Part-OI)

16

17

Amounts debited to the profit and loss account, to the extent disallowable under section 40A (9f of Part-OI)

17

18

Any amount debited to profit and loss account of the previous year but disallowable under section 43B (11g of Part-OI)

18

19

Interest disallowable under section 23 of the Micro, Small and Medium Enterprises Development Act,2006

19

20

Deemed income under section 41

20

21

Deemed income under section 33AB/33ABA/35ABB/ 72A/80HHD/80-IA

21

22

Any other item or items of addition under section 28 to 44DA

22

23

Any other income not included in profit and loss account/any other expense not allowable (including income from salary, commission, bonus and interest from firms in which assessee is a partner)

23

24

Total (14 + 15 + 16 + 17 + 18 + 19 + 20 + 21+22 +23)

24

25

Deduction allowable under section 32(1)(iii)

25

26

Amount of deduction under section 35 in excess of the amount debited to profit and loss account (item vii(4) of Schedule ESR)

26

27

Any amount disallowed under section 40 in any preceding previous year but allowable during the previous year(8Bof Part-OI)

27

28

Any amount disallowed under section 43B in any preceding previous year but allowable during the previous year(10g of Part-OI)

28

29

Deduction under section 35AC

a

Amount, if any, debited to profit and loss account

29a

b

Amount allowable as deduction

29b

c

Excess amount allowable as deduction

(29b – 29a)

29c