Facts of the case -

Assessee borrowed capital from his mother for the purposes of this business.. 

Assessee wants to pay interest on on that capital


Queries - 

1. Can the assessee pay Interest on Capital? If yes, at what percentage?

2. Does he need to deduct TDS for this Interest on Capital? If yes, at what percentage?

3. What is the last date to deduct & deposit such TDS?

4. Does the assesee require TAN number for such TDS deduction?


Please help me out. 

Thanks in advance. 

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Dear Sir/Mam,

i have following details, please suggest how to pass journal entry??

Total Net profit 328750
Interest on housing loan 40104 for the entire year(shown negative balance while filling the ITR)
ITR shows Net Profit of 288644.

how to pass entry for the above mentioned details to transfer profit to capital account
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Please help to solve the problem


Thanx regards,

Chandni.

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