dear all ,
please tell me it is mandatory to give interest on partner capital,if written in deed 12% ,
but due to financial condition they don't want to take interest on capital can they take zero interest on capital if written in deed 12%.
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interest on partner capital
Replies (3)
interest needs to be provided on the balance to Capital account if it's mentioned in the deed.
dept may raise query why interest on Capitol is not shown in partner's assessment as it wud amount to understating of income
dept may raise query why interest on Capitol is not shown in partner's assessment as it wud amount to understating of income
giridhar s karandikar sir not satisfied your answer, because i listen we can't take more than 12%, but if we can take zero than it is not an issue at all
so tomorrow if dept raises any query regarding the partners asst and questions why interest income is not shown so what explanation will be given
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