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This query is : Resolved
tenzin tselek
(Querist)
30 September 2009
hello sis/mam,
here i just came up with one doubt with regard to interest on capital...if the interest on capital from firm is 18%, then while calculating the total income,we have to add that entire 18% interest as IFOS..and excess interest ove 12%,whether it is admisssible exp. or not????or elso how to treat such transaction
here i just came up with one doubt with regard to interest on capital...if the interest on capital from firm is 18%, then while calculating the total income,we have to add that entire 18% interest as IFOS..and excess interest ove 12%,whether it is admisssible exp. or not????or elso how to treat such transaction
Manish Soni
(Expert)
30 September 2009
Interest @18% will not be allowed as deduction to the firm.,.
u hav 2 add back 6% interest to arrive at book profit.,.,
this disallowed interest @6% wil be exempted in the hands of partner n interest allowed @12% wil be taxable in the hands of partner.
Regards
Manish Soni
u hav 2 add back 6% interest to arrive at book profit.,.,
this disallowed interest @6% wil be exempted in the hands of partner n interest allowed @12% wil be taxable in the hands of partner.
Regards
Manish Soni
Message likes :
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chetan soni
(Expert)
30 September 2009
Agree with Manish.
Deepak Goel
(Expert)
30 September 2009
Agree with experts
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