Express ITR || Partners Details In the Firm/LLP (Remuneration u/s 40b)
How to Enter Information Related to Partners in the Firm/LLP (Remuneration u/s 40(b)):
Step 1: Log in to the software and click on the "Prepare" button on the main dashboard.
Step 2: In the menu, navigate to and click on the "Business and Profession" head to proceed with entering business details.
Step 3: Select "Add Business" and enter the necessary business details such as business name, type, and other relevant information. Once completed, click "Done" or press Esc to save the entered business data.
Step 4: Go to Consolidate Schedule BP. Find the section for "Information Related to Partners in the Firm/LLP (Remuneration u/s 40(b))" and click on the calculator button to open the data entry form.
Step 5: Enter the following information for each partner : Name of the Partner, PAN, Profit Sharing Ratio, Remuneration, Interest (on capital, if applicable), Interest Rate, Profit (from the firm/LLP), Address, Pin/Zip Code, City, State, Status (whether active or retired partner), Partner disclosure as of 31st March (Yes/No), Profit ratio as of 31st March, Admit/Retirement Status (whether partner joined or retired), Date of Admission/Retirement, Aadhaar No./Enrollment No., Country
Note: You must provide details for a minimum of 2 partners in the firm/LLP.
Additional Information:
If there have been any changes during the financial year, such as new partners joining or existing partners retiring, ensure that you update the respective dates and admission/retirement details accordingly.
By following these steps, you can successfully enter the necessary details related to partner's remuneration under Section 40(b) of the Income Tax Act.
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