rate of interest
This query is : Resolved
Guest
Guest
(Querist)
26 June 2008
if partners decide to charge interest on drawings and give interest on capital in partnership deed but no rate is decided, what rate should be taken?
26 June 2008
As per Partnership Act 1932, rate of interest in above condition is not given. So 6% p.a. can be applied, since 6% p.a. is applied on interest on partner's Loan.
26 June 2008
As per Partnership Act 1932, rate of interest in above condition is not given. So 6% p.a. can be applied, since 6% p.a. is applied on interest on partner's Loan.
28 June 2008
No interst on drawings and capital if the deed is silent
but int on loan will caryy 6% p.a
but int on loan will caryy 6% p.a
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Upload Level ValidationITR3Category of Defect B/D
- Booth for sales promotion
- Building tax payment deduction in rental Income
- New Garden in Place of Old Garden
- GST ON TRAVELLING BILLS
- F & O PROFIT REPORTING FOR AY 2026-27
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
