As we were selecting the fields, those fields finally look
like this
As we selected the field of personal information, so
personal information will come here
Put your personal information
Date of the commencement of the business will come here,
save it
Details of contact will come
This was the general information
This was the mandatory field
Even if we would have selected it, even if we would not
have selected it, it would have come
Status of filing is done
Audit information will be done
Do you need to make books of accounts mandatorily?
After that, you will be asked about 44 AD, ADA
Are you coming in that? 44 AD, ADA limit
In 44 AB, tax audit is done
All this information is asked to you
There is nothing else
You have to give your answer in yes or no
Finally, your bank details will come to you
Okay sir, all this is done
Now sir, what to do after this?
Just confirm this
This is the second general information
Because I have selected the partnership, the information
regarding the partnership will be asked to me
What is written here?
Members, partners, trust information
Has there been any change during the partnership?
If there has been, write yes or no
Particular of the persons
Particular of the persons who were partners
As on 31st March
Put the details of the partners
Particular of the persons who are my partners
What is their percent holding?
What is their profit sharing ratio?
I will put it here
Cancel it
Save it there
Nature of the business profession
Whatever is the nature of your business
Select it here
What is your business?
Trade name
For example,
Srivastava and Srivastava Associates
Partnership firm
Amar Akbar Anthony and Company
Put it here Code you have selected
For example, if there is a financial sector
I will put it here
Find the financial sector
Put it here
Investment activities
Chit fund
Put it here
Description of your activities
What do you do?
If there is a financial sector, what do you do?
Is it a project financing?
Do you provide consultancy services?
Check all these things
Confirm it
Then Balance sheet will come here
Details of the balance sheet will come
Sources of funds will ask you
Format of the balance sheet will come
Capital will ask you
Data of your reserves will ask you
How much are your reserves?
Revaluation reserve, capital reserve
Loan funds will come to you
Secured loans
Non-current liabilities, current liabilities
Everything will come here
Balance sheet format will ask you
For this
If you are able to fill details
For this
You should have a balance sheet
You are running a partnership firm
You must have a balance sheet
Don't do anything
Keep the balance sheet figures here
Don't do anything
Deferred tax liability advances will come
These are your sources of funds
Assets side will come
Fixed assets
Gross log of the assets
Depreciation Net block will come
Long term investments will come
Non-current assets, current assets
All the details will come here
Preference shares
Current assets
Debtors and creditors
When you don't maintain books of accounts If you maintain
Then put your figures in simple balance sheet
But if you Don't maintain books of accounts
Cash balance will ask you
Debtor and creditor will ask you
Manufacturing account
As we have discussed many times
What is manufacturing account?
If you manufacture
If you do production of something
You need details of work in progress
How many things have been made 100%
How many finished goods have been made
How much work in progress inventory is there
All those details will be shown in
Manufacturing account
Then what is our trading account?
Sales details will come in trading account
How many sales have you done?
Gross receipts from the profession
Gross sale of goods
Sales of services
Operating revenue
Rental Interest income
Gross receipts from the profession
Total revenue
Any problem so far?
Debit to the trading account
Opening stock of the goods
Purchases Trading account
Opening stock
Purchase Purchase Direct expenses
Carriage Click on it
Duties, taxes
Gross profit
P&L
Credit entries
Rent, commission, dividend
Interest income
Profit on the sale of fixed assets
Credit entries
Credit transactions
Total credit
Debit entries
Freight expenses
Power, fuel, rent
Compensation to the employees
Insurance commission
Balance sheet
Account details
Depreciation
Provision for tax
P&L Schedule income from the business & profession
Other than speculative business
35 AD
Speculative business
Add it by clicking on it
35 AD's income is put here, no problem, there is nothing,
there is nothing that we have never covered we have studied
everything in classes, we have studied with a lot of hard
work, here is the schedule of the plant and machinery this
is blocked, 15% is blocked, 30% is blocked, this is 40%
blocked, opening WTV, then addition during the year then
there will be some assets that have been sold in between,
there will be some assets that have been sold, let's minus
it, you will get the whole
see, back it, if there is a schedule of other assets, then
we will also get the schedule of other assets, 5%, 10%, 40%
one, okay, is there any problem in this? 112 is the long
term income of the share market, see, where are these
schedules coming from, where are these schedules coming
from, if you have seen in the last video, I was selecting
some schedules, when we started our video, when we selected
the form of ITR 5, then two options were coming, one was
that I know about my schedules, second
that I don't know about schedules, if you ask me the
questions of yes or no, then I will tell you my schedule,
so when I selected the first option, that I have knowledge
about my schedules, then it gave me all the schedules, it
gave me all the schedules, now what I was doing in that, I
was ticking, that the schedule that is relevant according
to my business, I selected those schedules, now I am
filling those same schedules, I am not doing anything else,
this is the thing, see, this carry
of the losses, which assessment years are you carrying
forwarding the losses, all those have come here, details of
brought forward losses have come,
I have told you, this brought forward of the losses and the
chapter of carry forward is like a ghost, this friend will
never leave you, take this other sources, income of other
sources has come to you, details of dividend has come to
us, special rate income has come, like for example, winning
from lottery, crossword puzzles, all the details have come
here, you can fill your details of other sources also,
and after that, if you have done any expense to earn that
money, then you can take the deduction of that expense
also, you will get it in section 57, we have read all these
things in the chapter of other sources, you will get the
deduction of that expense here, this is the income of race
horses, is there any problem till here,
rest all your deductions have started, if there is any
donation or deduction of 80G, if there is 100% deduction,
means the donation you have given, is it eligible for 100%
deduction or 50% deduction, or it comes in any qualifying
limit, all those details will come here,
I had assumed that my deduction is only for 80G,
I assumed this.
Because of this, when I originally ticked,
I only ticked on the 80G deduction.
If my 80C or 80D had any other deduction, in that case, I
would have ticked on 80C or 80D.
So, my point would have been shown here as well.
Basically, if I want to show a point here, if I want to
fill a detail here, if I want to show a point, in the
starting, when the schedule list opens,
I have to tick there.
The days when I will tick, they will come to me here.
See, the details of AMT are done.
Then it will compute your total income.
How much money did House Property print? How much did PGPP
earn? In capital gain, how many shares did you sell?
How much did you buy? The income of other sources is
brought forward.
Losses are set off.
Gross total income will come to you.
If there are any deductions of 6A, they will come.
Total income will be taken out.
Its tax will be taken out.
This is your total income schedule.
Now, tax schedule will come.
Tax liability schedule will come.
Tax payable on the total income.
According to AMT, how much is it?
According to this, how much is it?
It is a simple thing.
You will get a refund or tax payable.
Preview will be done like this.
Can you see it?
Preview it and upload it.
This is your complete return.
Indian income tax return, ITR 5.
All the details have come to you.
Proceed to verification.
It will be verified here.
You will put your place here.
Your father's name will come here.
Proceed to validation.
Your return, ITR 5 will be filed.
Payment of taxes, as I told you in the video, e-payment of
taxes, plus self-assessment tax, will be done on you.
You have previewed it.
This is the point.
Tell me if there is any problem.
All schedules have come.
You don't have to do anything.
I will show you again.
Let's get started.
One minute.
When you select
ITR 5, it asks two things.
Either you tell me,
I know which schedules are applicable to me.
It will show you all the schedules.
It has shown all the schedules.
This is mandatory.
Come to the rest.
Whatever you want on business, put it on that.
I need a balance sheet.
Manufacturing account was not coming.
Why wasn't it coming?
Because we have removed it from here.
Click on it.
Click on stock details.
Whatever you click, it will come to us.
Let's continue.
I will show you.
Continue.
Deductions.
ATP.
ATI.
All schedules will come.
We didn't put it.
That's why it wasn't coming.
All schedules have come.
Manufacturing account has come.
That's it.
Whatever you select there, it will open on the portal.
A schedule will open.
Put your information in that schedule.
Proceed to verification.
Your work will be done.
Thank you very much friends.
I hope you understood IIT 5.