PARTNERSHIP INCOME TAX RETURN - INTERST AND REMUNERATION
This query is : Resolved
28 July 2021
On Partnership Deed we have been mentioned that the " The Net profits or losses after charging interest @ 12% p.a and remuneration to partners as per the clause no 9 the partnership deed shall be shares by the partners in ratio basis."
So My query is
1) Is it fine if we do not want to give interest or remuneration to partner?
2) can we give interest to partner below 12% e.g. 2%, 6%,5% etc.?
On Partnership Deed we have been mentioned that the " The Net profits or losses after charging interest @ 12% p.a and remuneration to partners as per the clause no 9 the partnership deed shall be shares by the partners in ratio basis."
So My query is
1) Is it fine if we do not want to give interest or remuneration to partner?
2) can we give interest to partner below 12% e.g. 2%, 6%,5% etc.?
28 July 2021
1 yes, you can do so.
2 12% is the upper limit so you are at liberty to pay less than 12%.
2 12% is the upper limit so you are at liberty to pay less than 12%.
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