Express ITR || Information related to other Partnership Firm in which you are Partner (Remuneration)
How to Enter Information Related to Other Partnership Firms in Which You Are a Partner (Remuneration):
Step 1: Log in to the system, select the client profile, and click on the "Prepare" button to start the process.
Step 2: Navigate to the "Business and Profession" head in the menu to access the business details section.
Step 3: Fill details here -
- Click on "Add Business" to create a new business profile.
- Select the business type as "Ordinary".
- For the Nature of Business, choose "00001: Share of income from firm only".
- Enter a relevant Name or Description for this business (this can be the name of the partnership firm or a brief identifier).
- Once all information is entered, click on "Done" or press Esc to save the data.
Step 4: Navigate to Consolidate Schedule BP. Under this section, find the option "Information related to other Partnership Firms in which you are Partner (Remuneration)" and click on the calculator button to open the input form.
Step 5: In the form, enter the required details about the partnership firm where you are a partner, including:
- Name of the Firm
- Is Working Partner? (Yes/No)
- Is the Firm liable to Audit? (Yes/No)
- Is Section 92E applicable to the Firm? (Yes/No)
- Remuneration (as per agreement)
- Interest (on capital or loans, if applicable)
- PAN (Permanent Account Number of the firm)
- Profit Sharing Ratio (as agreed upon in the partnership deed)
- Profit/Loss (your share of profit or loss from the firm)
- Expenses (expenses associated with the firm, if applicable)
- Capital Balance (capital contributed by you in the firm)
Once all the details are entered, review the information to ensure accuracy and click on "Done" or press Esc to save the data.
By following this step-by-step guide, you will successfully enter details related to any other partnership firm in which you are a partner, including your remuneration and profit-sharing details.
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