Hi,
I have given loan & Advances to one of my relative for certain purpose from my firm. Is there any intrest i have to charge complusorly under IT Act. If Yes then what should be the rate on intrest for same.
Thanks & Regards
Pragnesh Trivedi
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Intrest rate
Replies (3)
Dear sir there is no such interests rates mentioned. But you can do so as per your benefits. No compultion to charge interest.( but not in company case as this can be deemed divided case) i hope and is clear. Regards
in that cas if i have excess monry with my firm i can give same to my relatives without any intrest burden .
yes you may give your excess funds to relatives with out interest burden
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