16 August 2012
In case of ITR-5 pertaining to partnership firm relevant to Asstt.Year 2012-13 while feeding data in excel format please clarify the followings doubts as under:-
i) Partner's Salary is to be shown under Salary and Wages head or to be merged under Other Expenses head as there is no specific head for the same.
ii) similarly Partner's Interst @12% p.a. is to be shown either under Interest Head or to be shown under Other Expenses head.
16 August 2012
The choice is OURS. Taking into account the fact that the same is tqaxed as business income in the hands of partner, better if you put it as "OTHER"
16 August 2012
The partner's salary should be shown under Salary & wages. On the similar line, the Interest to partners should be shown in the interest head.
CAclubindia
