Limit on interest on capital
This query is : Resolved
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
yes. that is what you are supposed to do.
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.
accordance with the provisions of the instrument of partnership.
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