I am filing a return under Sec 44AD for a partnership firm. The Gross receipt is Rs. 16.29 lakhs and 8% income comes to Rs. 1.3 lakhs, Partners Salary is Rs. 1.5 lakhs. How do I disclose these in ITRV. Kindly help.
27 September 2011
We are not required to disclose partner's salary in ITR V (Acknowledgement). In ITR V we need to disclose only the Gross Total Income and any deductions from there on.
We need to disclose tax payable on Net Taxable income after deductions.
CAclubindia
