What is limit of interest on partners capital..
and under which section Income tax it can be disallowed.
Menu
Interest on partners capital.
Replies (2)
Refer section 40(b) of the Income tax act 1961.
The rate of interest should not exceed 12%. If the amount of interest exceeds 12% of the capital then such excess amount is disallowed as per Sec.40(B) of Income tax Act, 1961
Recent Topic
- INCOME TAX DEPARTMENT: DOUBLE STANDARDS
- ITR-4,under presumptive Taxation
- TDS data mismatch with SFT
- Resale of under construction Residential Flat part
- What would be my Salary
- Damage good
- INCOME TAX RETURN
- Form 10E doubt
- LTCG on property sale after 24jul2024
- Should we mention NET INCOME or GROSS INCOME in i
Related Topics
CAclubindia
