ITR 5

This query is : Resolved

Rohan (Querist)
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13 March 2009 How to fill up ITR 5 - column 52 ( P/L A/c )...for firm opting for section 44AF....and having
gross turnover = Rs. 38,00,000 /=

net profit = 1,90,000 ( 5 % of 38,00,000/-)

remuneration - Rs.1,18,800
interest to partners - Rs.25,000
If we fill
gross receipts - 38,00,000
gross profit- @ 5% 1,90,000
Expenses:-(Remuneration+Int.) 1,43,800
Net Profit would come as 46,200...which is not 5 % of G.T.

How to fill up ...so as to reflect that the profit declared complies with the provisions of section 44AF and also the computational provisions of the I.T. Act?

Where to show remuneration & Interest which are deductible from N.P to get firms taxable Income....

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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13 March 2009 There will be no entry in column 52 in P&L Account.

You need to fill Schedule BP on page number 11 for the income taxable u/s 44AF.

If any confusion please email me on ca.tilakrajsharma@yahoo.com.