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Salary paid to partner ,disallowed to the firm as it exceeds the limit. the same wrongly taken as business income by partner in his return

Income Tax - Started By: - sudhir shah - Dated:- 20-9-2016 Last Replied Date:- 23-9-2016 - Sir , the firm where i am a partner was disallowed salary paid to me as they had loss and my salary exceeded the allowable limit. However i missed this informa .....

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is no scope of revised return now. now my query is can I say that the salary received by me in excess over the prescribed limit is my drawings from the firm , Can the firm pass a reverse entry for excess salary paid in the current F.Y 2016-17.Please .....

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hown the entire amount as remuneration but the same was limited to rs 150000 in the ITR as the firm has a loss. There is no question of refund of excessive salary as it is as per deed. - Reply By CA Surender Gupta - The Reply = Once partnership firm .....

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given for the purpose of Income Tax, reversal of entry may not be necessary in the books of accounts.On the other side, even if the period for revising the return u/s 139 of the Income Tax is over, you have further option to claim refund as per the p .....

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