In ITR -5-P/L schedule in NO Account Case i have filled GR:35 lac Exp:32.20lac np come to:2.80lacs NOW where to fill figureof intt & salary to partners: so that taxablle profit come to 1.30 lac
Please note that still even after opting for Sec. 44AD (Presumptive taxation) you can claim the remuneration and interest paid to the partners. But the same should be as per the partnership deed drafted.
So the NP comes to Rs 1.30 Lacs i.e Rs 2.80 - 1.50 lacs.
So in no account case you have to mention following:
Receipts : Rs 35.00 Lacs N.p : Rs 1.30 Lacs G.P : As actuals Expenses : As actuals considering intt. & Remuneration to partners.
I want to know if there is any specific column where I can show salary & intt to partner in ITR 5 or should I fill the expenses in the no account case (including salary & intt)so that N.P comes to Rs 1.30 Lacs. but in that case NP will be less than 8% as per sec 44AD
CAclubindia
