Easy Office

Interest on Partner Salary


24 March 2017 Is it mandatory to provide 12% interest on the capital of partners of a firm.??? in case the firm is newly opened and partners(2) have introduced 1 lakh each and both withdraw 1,50,000 during the year .In such case what will be the treatment of interest of capital??

25 March 2017 No, Interest on capital is not mandatory, if interest is given it should not more than 12% to claim allowable expenses from business.

25 March 2017 OK thanks for ur valuable answer






You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries