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Interest on capital under i.tax act.

This query is : Resolved 
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(Querist)
31 August 2011 If in capital account there are frequent drawings,then can we calculate the maximum allowable interest on capital i.e.,12%p.a.simple interest on opening balance or should we use product method to calculate interest on time basis.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
31 August 2011 Better to calculate on daily balance outstanding ,unless any other method is specified in the concerned partnership deed.
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