Itr 5

This query is : Resolved

Yogesh (Querist)
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15 March 2018 Hello

While filing ITR 5 AY 2017-18 for a partnership firm having Gross rceipt up to Rs. 110000 and Net Loss is 30000.

Is there requirement to fill all details in balance sheet and P& L A/c of ITR 5 or just Cash Balance, Debtors & Creditors, Gross Receipt and Net Loss will be sufficient?

Please guide.

Thank you

CA Ashish Agrawal

CA Ashish Agrawal (Expert)
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15 March 2018 No all the details are required to be submitted as the profit is less than 8% of the T.O. Also Audit liability u/s 44AD also arises as per amendment in section 44 for computing Net Profit for Partnership Firm.