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Interest on capital to partners

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(Querist)
11 September 2014 In a partnership firm, can the interest on capital be charged on opening capital?

The deed specifies that interest on capital is allowed at 18%?

What is the maximum limit allowed?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
11 September 2014 Interest is allowable ( for income tax purpose) @12% per annum.
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badrinarayanan

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badrinarayanan (Querist)
11 September 2014 Can the interest on capital be charges on opening Balance of capital?
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