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interest to partners

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(Querist)
25 July 2009 Respected Sir,

Pl guide me that, in usually in partnership firm we issue the interest to partners for the capital. but if they take the excess amount (overdraft)from business then what will be interest rules.

thanking you,
yours sincerely

v s konkati
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
25 July 2009 It is strictly governed by the provisions of the partnership deed subject to the limitations contained in section 40(b) of the Income tax Act,1961. If the p. deed contains provision to charge interest on over drawings of partners, interest should be provided/recognized in the accounts. Otherwise no need.
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