A Pvt. ltd. company is converted into LLP in Oct 2017 adhering to conditions laid down in section 47 of IT Act.
Is interest on partner's capital allowed in 2019-20 so that there is no contravention to the above section?
Please help experts.
The LLP deed allows for the interest on partner's capital @ 12% per annum.
| Originally posted by : Santosh Hegde | ||
 |
It'allowed to the extent of 12%(For LLP ).In the hands of partners it will be taxable. |  |
But it will contravene the provisions of section 47(iii) of IT Act? Right?
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