23 March 2018
As per IT Act interest on capital is 12% which is the maximum rate. But as per partnership deed interest on capital @ 18% . In my books should i account for 18% and disallow 6% (18-12)% in my tax computation. Please clarify.
23 March 2018
If prepared otherwise ITO may take a view that accounts are prepared not in accordance with the provisions of the instrument of partnership.
CAclubindia
