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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 information and claimed as salary in my return as business income and paid tax accordingly. This case is for a.y 2013-14. I did not file any revise return for this A.Y. I have filed a rectification petition for correction of excess business income as there .....

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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 has paid the amount to the partner as per the partnership deed, where the question of passing reverse entry in the books of account arises? Whether the entries were incorrect or wrong? If the answer is no, merely because different treatment is to be .....

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