Itr-5
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 January 2014
plz advice where to fill partner's remuneration and printing n stationery exp in ITR-5 n will vat recivable in bal.sheet be shown in p&l account ?
01 January 2014
under other expenses.
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 January 2014
plz advice where to fill partner's remuneration and printing n stationery exp in ITR-5 n will vat recivable in bal.sheet be shown in p&l account ?
02 August 2024
In **ITR-5**, for a Co-operative Society, you should categorize and report various expenses and incomes in specific sections of the form. Here's how you can handle the items you mentioned:
### 1. **Partner's Remuneration**
In **ITR-5**, if the Co-operative Society has any payments categorized as "partner's remuneration" (though typically, this is more relevant for partnership firms rather than co-operative societies), you should:
- **For Co-operative Societies:** Generally, "partner's remuneration" is not applicable here. Instead, you should check if there are any similar expenses listed under "Other Expenses" or "Administrative Expenses."
### 2. **Printing and Stationery Expenses**
For printing and stationery expenses:
- **Profit & Loss Account Section:** These expenses should be included under "Administrative Expenses" or "Other Expenses" in the profit & loss account.
**Steps to report:**
1. **Go to the "Profit & Loss Account" section** of ITR-5.
2. **Enter the total printing and stationery expenses** under the appropriate category, usually under "Administrative Expenses."
### 3. **VAT Receivable**
VAT receivable should be handled carefully:
- **In the Balance Sheet:** VAT receivable is typically recorded as an asset in the balance sheet.
**Steps to report:**
1. **Go to the "Balance Sheet" section** in ITR-5.
2. **Under the "Current Assets"** section, include VAT receivable as part of "Other Current Assets."
- **In the Profit & Loss Account:** VAT receivable is not directly shown in the profit & loss account as it does not affect the profit or loss directly. Instead, it is adjusted in the balance sheet.
### **Summary**
- **Partner's Remuneration:** Not typically applicable for co-operative societies; if needed, report under "Other Expenses" if the form allows.
- **Printing and Stationery Expenses:** Report these under "Administrative Expenses" or "Other Expenses" in the profit & loss account.
- **VAT Receivable:** Report as "Other Current Assets" in the balance sheet, not in the profit & loss account.
Ensure that all financial details are consistent with the books of accounts of the Co-operative Society and comply with the requirements for accurate reporting.
### 1. **Partner's Remuneration**
In **ITR-5**, if the Co-operative Society has any payments categorized as "partner's remuneration" (though typically, this is more relevant for partnership firms rather than co-operative societies), you should:
- **For Co-operative Societies:** Generally, "partner's remuneration" is not applicable here. Instead, you should check if there are any similar expenses listed under "Other Expenses" or "Administrative Expenses."
### 2. **Printing and Stationery Expenses**
For printing and stationery expenses:
- **Profit & Loss Account Section:** These expenses should be included under "Administrative Expenses" or "Other Expenses" in the profit & loss account.
**Steps to report:**
1. **Go to the "Profit & Loss Account" section** of ITR-5.
2. **Enter the total printing and stationery expenses** under the appropriate category, usually under "Administrative Expenses."
### 3. **VAT Receivable**
VAT receivable should be handled carefully:
- **In the Balance Sheet:** VAT receivable is typically recorded as an asset in the balance sheet.
**Steps to report:**
1. **Go to the "Balance Sheet" section** in ITR-5.
2. **Under the "Current Assets"** section, include VAT receivable as part of "Other Current Assets."
- **In the Profit & Loss Account:** VAT receivable is not directly shown in the profit & loss account as it does not affect the profit or loss directly. Instead, it is adjusted in the balance sheet.
### **Summary**
- **Partner's Remuneration:** Not typically applicable for co-operative societies; if needed, report under "Other Expenses" if the form allows.
- **Printing and Stationery Expenses:** Report these under "Administrative Expenses" or "Other Expenses" in the profit & loss account.
- **VAT Receivable:** Report as "Other Current Assets" in the balance sheet, not in the profit & loss account.
Ensure that all financial details are consistent with the books of accounts of the Co-operative Society and comply with the requirements for accurate reporting.
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