Interest receivable on deposit with partnership firm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2016 Dear Sir, I am an employee with a partnership firm, I used to withdraw my salary only for the amount I require, I was assured 12 % interest on the remaining amount at the year end, but now they are telling that interest cannot be given on deposits from employees. It it true ? In the books of account they have deposits/ loans from relatives, and they are giving 12% interest on that amount, but not on my deposit. Is there any rule which says not to give interest on employee's money with the firm?
Please help in this regard.

Rupesh Jain

Rupesh Jain (Expert)
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23 June 2016 no, it is decision of the partners........

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