Interest for partner
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 September 2014
respected sir,
is there any ristriction in regard with interest paid to partners in respect of their capital in the firm ? . and how to determain the capital in the firm especially where there is no books of occounts and income declared under sec 44ad.
and roughly there is 6 laks capital in the firm at the end of the year.
please discuss
is there any ristriction in regard with interest paid to partners in respect of their capital in the firm ? . and how to determain the capital in the firm especially where there is no books of occounts and income declared under sec 44ad.
and roughly there is 6 laks capital in the firm at the end of the year.
please discuss
12 September 2014
There is restriction for interest on capital i.e., it shall not cross 12 % of your capital balance in the firm .
But proving that you not provided more than 12% lies with the assesses.
In your question you can allow interest on opening balance of capital outstanding and not on closing balance of Rs. 6 lakhs .
But proving that you not provided more than 12% lies with the assesses.
In your question you can allow interest on opening balance of capital outstanding and not on closing balance of Rs. 6 lakhs .
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