Justification of 15% interest U/s 40 A 2(b)
This query is : Resolved
20 June 2008
please give me the sitation of defending interest at 15 % allowable Vs 12% on Loan.
20 June 2008
12% interest given to partners is compulsory not for others
20 June 2008
Excessive interest paid is disallowed u/s 40(a)(2)(b) .Now what is excessive depends on the facts of the case.
You may be in a position to justify the rate of interest if you can prove that circumstances were such that you were not getting loans at less that 15% ........OR you are alredy payig more than 15% to non relative etc
You may be in a position to justify the rate of interest if you can prove that circumstances were such that you were not getting loans at less that 15% ........OR you are alredy payig more than 15% to non relative etc
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