Rohit (ICAI) (259 Points)
17 July 2012My firm"s net profit is of Rs. 21000.........n I claim 21000 as partner remuneration.......i m following 44AD........should i show 21000 as net profit if ITR-5 or Nil...........If i show 21000 there wil b tax.......then should there is any column where i should show partner remuneration..........plz help me.........i m filing online return in which column n sheet i will show partner remuneration
CA Sanjay Bag
(CHARTERED ACCOUNTANT)
(3340 Points)
Replied 17 July 2012
You should shown your return as " NIL"
Neha Bhattar
(none)
(170 Points)
Replied 02 August 2013
NET PROFIT OF A FIRM IS 20000.. NO REMUNERATION TO PARTNERS HAS BEEN CHARGED STILL...
CLIENT IS GOING FOR SEC 44AD..
1. IS IT NECESSARY TO GIVE REMUNERATION TO PARTNERS?
2. IF REMUNERATION IS GIVEN, RULE IS.. I
N CASE OF LOSS OR ON FIRST 300000 OF PROFIT- @ 90 % OF BOOK PROFIT OR 150000 WHICHEVER IS MORE...
SOOOO.... IF I PROVIDE REMUNERATION AS 150000, I WILL GET A LOSS OF 130000...
WHWT SHOULD I DO...????
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