18 July 2023
Should Part A P&L of ITR5 match P&l prepared as per guidelines for preparing financial statement for non corporate enity issued by ICAI? The instrution for ITR 5 says " The reported figures of the profit and loss account should match with the audited profit and loss account, in case the accounts were required to be audited" but also says "please fill up the details of the profit and loss account for the financial year 202223 as per the given format, in respect of the business or profession carried out during the financial year 2022-2023.". Now, though we are not required to be audited, should we only disclose items that are actually credited / debited in p& l prepared as per ICAI in Part A p&l or itr 5, leaving other entry such as gst paid/ payable on purchase or partners remuneration ( these are not shown as debit in p&l as per ICAI) blank or 0? please note any adjustment as per ICDS can be made in schedule BP or other areas of ITR.
19 July 2023
As you are not required to be audited, only disclose items that are actually credited / debited in p& l prepared as per ICAI in Part A p&l of itr 5, leaving other entry such as gst paid/ payable on purchase or partners remuneration 0. Yes make adjustments as per ICDS in schedule BP.
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