In partnership Firm Interest on capital

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Madhav Pandharinath Khot (Querist)
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25 August 2009 In partnership Firm, there is interest to be paid on capital, what rate will applicable and what are the conditions after the partners remuneration calculation interest and deperication amt add or less please let me know

vijay singhal

vijay singhal (Expert)
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25 August 2009 12% if mention in deed

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 August 2009 Remunration to partners is to be calculated u/s 40 (b) of the IT Act,1961 after considering interest on capital and depreciation (calculated as per the rates of IT Rles,1962)as expenditure.

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