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It section 40(b) interest on capital

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 September 2014 Dear All,

as per IT section 40(b) Interest on capital rate 12% allowed.
but i have to know can we charge less than 12% interest on capital.

pls advice
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CA VISHWAKEERTHI.P.S.

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CA VISHWAKEERTHI.P.S. (Expert)
13 September 2014 Yes you can .

Interest allowable maximum is 12% u/s 40(b)
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Querist : Anonymous

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Querist : Anonymous (Querist)
15 September 2014 exactly sir we can't charge more than 12%.
but can i charge below 12% (eg. 6%)
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CA VISHWAKEERTHI.P.S.

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CA VISHWAKEERTHI.P.S. (Expert)
22 October 2014 Yes,

You can charge less than 12% as per partners agreed .

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