Interest on capital under i.tax act.
This query is : Resolved
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.
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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