Ashim kr Ray (social service) (1691 Points)
12 May 2016
sravan
(article student)
(86 Points)
Replied 12 May 2016
Ashim kr Ray
(social service)
(1691 Points)
Replied 12 May 2016
then can i assume 8 % interest of capital if it does not mention in partnership deed.
Ashim kr Ray
(social service)
(1691 Points)
Replied 13 May 2016
Dear Experts,
please guide me to know if the interest on capital can be taken any below 12% if it doesnot mention in partnership deed.i.e 5%,ye 7%ye 9%.
sravan
(article student)
(86 Points)
Replied 13 May 2016
sravan
(article student)
(86 Points)
Replied 13 May 2016
Vinay somani (CA, CS)
(Assistant Manager-Accounts)
(549 Points)
Replied 13 May 2016
12% is the hogher side. u may addopt below then 12 %. there is no problem whith that.
As per section 40(b) 12% or rate mentioned in deed is adopetd MAx to 12%. it means if deed provide more than 12 u are allowed to adopt only 12%.
and if nothing mention u mayaddopt 12%.
so 12% is the higer cap.
u can adopt below 12%
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
