A Partnership firm is given interest on partners capital contribution @ 12% p.a. & the same is charged in P&L, and the deduction of interest has been taken for calculate the income tax liability , and also firm has Given advance to a partner for his personal need , and firm has not charged any interest on such advance amount, is any amount of interest would be dissallowed for which firm has taken dedcution of interest on capital contribution due to this interest free advance to partner
Menu
Interest on advances to partners
Replies (2)
Do we have any Free Software available from Institute for TDS returns filing?
Dear CA CHANDRA SHEKHAR...
Tax Suite – Software Freely available just click on the below link and get your copy immediately:
Link: https://icai.taxsuite.in/subsinfo.htm?mid=00000
Recent Threads
- How to split freelance project income with a frien
- 194a for A y 2024-25
- Compensation & Benefits
- SAC code and GST rate transport services for anima
- Section 44AB is Gone — How Different is Tax
- Capital Gains from Cancelled Residential Project
- Import of goods data in IMS
- GSTr 9 24-25
- Change HSN
- TDS ISSUE ( DIFFERENT SECTION )
Related Threads
CAclubindia
