Interest on partners capital
This query is : Resolved
Guest
Guest
(Querist)
03 July 2013
There is any mandatory provision in Income tax or Partnership Act,for providing interest on partners capital
03 July 2013
INTEREST TO PARTNERS [SEC. 40(B)]
Maximum interest allowable on capital/current accounts of partners is 12% per annum. The payment of interest should be authorised by and in accordance with the instrument of partnership.
Maximum interest allowable on capital/current accounts of partners is 12% per annum. The payment of interest should be authorised by and in accordance with the instrument of partnership.
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