An assessee ( firm ) engaged in retail trade with total turnover of Rs. 38,00,000 /= and remuneration to partner approx - 118,800 /= & Interest to partners - Rs. 25,000 /=
Is this computation right ?
Gross Profit ( 38,00,000 /= @ 5 % ) = 1,90,000
Less :- Remuneration & Interest 1,43,800
Net Profit( taxable ) 46,200
Is this right ? & how to fill up these details in ITR 5 - U/s.44 AF 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?
ITR 5 - P/L A/c - No A/c Case - Column 52
( Gross receipts , Gross Profit , Expenses,Net Profit ) ----- and what about schedule BP ????