Interest on capital
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 September 2014
if a part firm is having net profit before int to partners and remuneration of Rs. 36000 and Int on partners @ 12% comes to 75,000. What should be the best way if i dont want to book loss as my return filing date is over and i cant carry forward it ? Can i book int on capital to the tune of 36000 only ?
11 September 2014
Yes you can reduce the interest rate below the limit of 12 % . Therefore you can file the return of nil taxable income or may be minor taxable amount.
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