Incometax
This query is : Resolved
03 October 2015
WE TWO PARTNERSHIP FIRM & PVT LTD CO THREE ENTITY JOINT TOGETHER UNDER JOINT VENTURE AGREEMENT OF CONSTRUCTION ACTIVITY AND AS PER JOINT VENTURE AGREEMENT INT ON CAPITAL INVESTMENT BY THE PARTNERS INT @ 12% AS PRESICRIBED U/S 40 (B) OF THE I TAX ACT THE INT PAID TO AOP THREE MEMEBERS ON THIER CAPITAL AS PER JOINT VENTURE AGRREMENT ARE ALLOWABLE AS EXPNESES OF THE FIRM U/S 40 (BA) OR UNDER ANY OTHER SECTION 30 TO 38 OF THE I TAX ACT THE TDS IS DEDUCTED ON INT PAID AND PAID TO THE GOVT KINDLY EXPLAIN FULLY
03 October 2015
01. Interest on capital is NOT subject matter of TDS.
02. Interest @12% is allowable interest on capital of the JV.
02. Interest @12% is allowable interest on capital of the JV.
Message likes :
1 times
03 October 2015
Dear yagnesh,
The following Conditions should be fulfilled for the deduction of interest paid to partners
1.Payment of interest should be authorised by partnership Deed
2.payment of interest should be pertain to the period after partnership deed
3.rate of interest should not exceed 12% simple interest
The following Conditions should be fulfilled for the deduction of interest paid to partners
1.Payment of interest should be authorised by partnership Deed
2.payment of interest should be pertain to the period after partnership deed
3.rate of interest should not exceed 12% simple interest
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- IT Return filed defective u/s 139 (9)
- NR GST NUMBER
- Fixed Deposit Claim Relinquishment by the Nominee
- ITR 6 Schedule CFL and UD Issues
- TDS RATE ON RENT PAID TO NRI
- GST Form ADT-02
- TCS ON SOFTWARE SALES
- FREELANCING ACCOUNTANT
- Not a CA , can we prepare balance sheet
- Income Type for interest from government bonds
- Invoice Numbers WROGLY ENTERED
- Query Regarding on TDS section 194H and 194J
- TDS on purchase of value vouchers for employees ?
- PAYMENT TO OPEN AI AND ENVATO ELEMENT
- From 15CA for remittance by domestic travel agent by to Foreign Destination Management Company.
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
