Interest on capital
This query is : Resolved
23 August 2014
Whether lower interest rate on capital can be provided? If Partnership deed prescribed that Interest rate is 12%p.a.However, In case of loss or lower income, rate of interest can be nil or lower then 12% as may be agreed to by and between the partners from time to time.
Nikhil Kaushik
(Expert)
23 August 2014
paying at a lower rate or nil is never a problem as far as income-tax department is concerned...lower the better for the tax officials
Message likes :
1 times
09 September 2014
yes, in excess of 12 is a problme for them
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