PARTNERSHIP FIRM

Others 1149 views 4 replies

HELLO FRIENDS, PLS. TELL ME IF A PARTNERSHIP FIRM SHOWS THE PROFIT BEFORE PROVIDIN SALARY TO PARTNERS MORE TAHN 8% BUT AFTER PROVIDING THE SALARY TO PARTNERS IT SHOWS THE PROFIT LESS TAHN 8%.

IN THIS CASE TAX AUDIT IS NOT APPLICABLE BECAUSE PROFITS BEFORY SALARY AND INTEREST IS MORE THAN 8% BUT IN ITR-5 THERE IS NO SEPERATE COLUMN TO SHOW THE SALARY TO THE PAERTNERS IN P/L.

SO WHAT CAN I DO CAN I SHOW THE SALARY TO PARTNERS IN THE SAME SALARY TO EMPLOYE COLUMN

HOW CAN DEPARTMENT KNOWS THAT IT IS ONLY PROVIDING THE SALARY WHICH MAKES THE PROFIT LESS THAN 8%.

PLS. HELP ME.

I AM IN GREAT NEED.

Replies (4)

yes u can show it under salary of employee

WHETHER TAX AUDIT IS APPLICABLE OR NOT

ya u can show partner salary in salary a/c.

you can olso show partner salary in colum of income tax return where partner details provided (eg partner names/ PAN /Sharing ratio /profit /remunration etc)

WHETHER TAX AUDIT IS APPLICABLE 


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