Presumptive taxation

This query is : Resolved

Sarvesh (Querist)
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27 September 2011 Dear sir,

I am filing a return under Sec 44AD for a partnership firm. The Gross receipt is Rs. 16.29 lakhs and 8% income comes to Rs. 1.3 lakhs, Partners Salary is Rs. 1.5 lakhs. How do I disclose these in ITRV. Kindly help.

CA Sreenivasa Rao Munaga

CA Sreenivasa Rao Munaga (Expert)
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27 September 2011 We are not required to disclose partner's salary in ITR V (Acknowledgement). In ITR V we need to disclose only the Gross Total Income and any deductions from there on.

We need to disclose tax payable on Net Taxable income after deductions.

Thanks,
CA M Sreenivasa Rao.