Interest on partners capital
This query is : Resolved
16 August 2012
hi! please any one give details note on interest @18% p.a. shall be allowed on the capital contributed by the partners.
16 August 2012
With effect from 1/6/2002 the rate of interest is reduced to 12% simple interest per annum.
If the partnership deed contains a clause to charge interest on the capital account of the partner's, it can be provided in the accounts but for income tax purpose maximum interest will be allowed @12% only.
If the partnership deed contains a clause to charge interest on the capital account of the partner's, it can be provided in the accounts but for income tax purpose maximum interest will be allowed @12% only.
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