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....
CAclubindia
