Interest on drawing in partnership

413 views
User Avatar

1359 Points Posted on 05 November 2021
does it is mandatory to charge interest on drawing in partnership in presence of deed
0 Reply Share Follow
On 05 November 2021 at 13:20 Report
Replies (4)
Quick Summary
In a partnership, charging interest on drawings is not automatically mandatory. If your partnership deed doesn't explicitly mention charging interest on drawings, then you are not required to do so. Conversely, if the deed specifies rules for interest on drawings, you must adhere to those stipulations.

User Avatar

CA
10436 Points Posted on 05 November 2021
No interest is to be charged on the drawings made by the partners, if there is no mention in the Deed
Reply
On 05 November 2021 at 14:01
User Avatar

1359 Points Posted on 05 November 2021
If we mention that "interest on drawing is not charged "
Reply
On 05 November 2021 at 14:04
User Avatar

CA
10436 Points Posted on 05 November 2021
If you have nothing mentioned in the deed about interest on drawings, then you don't need to charge in. simple
1 Reply
On 05 November 2021 at 14:06
User Avatar

Chartered Accountant
24588 Points Posted on 07 November 2021
Interest on drawings should be charged as per deed mentioned
Reply
On 07 November 2021 at 06:07

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. GST PAYMENT REGARDING
  2. GST Consultation Required – June–Augus
  3. TDS Code for Salary Payment to Non-Resident Intern
  4. TDS on property
  5. Company data for software
  6. Car purchase to be eligible for ITC
  7. GST Refund on payment to builder
  8. TDS u/s 194Q on electricity supply by DHBVN etc.
  9. Subject: Can I Apply for Fresh GST Registration on
  10. Additional place in GST RC

More recent discussions | Post

Related Topics :

Loading