banner_ad

Interest on capital

Tax queries 233 views 2 replies

AN LLP IS CARRYING 2 BUSINESSES - ONE IS THE TEXTILE AND ONE IS COLD CHAIN FACILITY BUSINESS. THE PARTNERSHIP AGREEMENT AUTHORIZES PAYMENTOF INTEREST AND SALARY WHICH ARE DEBITED TO PROFIT ABD LOSS ACCOUNT. THE DEED AUTHORIZES PAYMENT OF INTEREST ON CAPITAL CONTRIBUTED TOWARDS TEXTILE BUSINESS ONLY.  

THIS QUESTION IS IN PRACTICE MANUAL OF DT OF ICAI - Q NO.12 JAN 2017 EDITION.

MY QUESTION IS THAT WHETHER INT ON CAPITAL IN RESPECT OF COLD CHAIN FACILITY BUSINESS IS ALLOWABLE OR NOT?

Replies (2)
Cold chain facility business is exempted under sec 35AD therefore if I am right then interest on capital of cold chain facility business is also exempted

https://resource.cdn.icai.org/31412sm_dtl_finalnew-vol3-may-nov14_cp13.pdf

please read question no 12 of the above mentioned link chapter


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
07 June 2026
Tax Associate

Rajkumar Jain & Co.

Ahmedabad

Graduate (Any)

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details