HOW WE CALCULATE INTEREST ON CAPITAL IN A PARTNERSHIP FIRM
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 11 August 2008
Originally posted by :RAHUL | ||
" | HOW WE CALCULATE INTEREST ON CAPITAL IN A PARTNERSHIP FIRM | " |
as per the rate maintionedin the partnership deed
or
@ 12%
whichever is lower
allowable as deduction
CA RAMESH KUMAR AHUJA
(CA, DISA, LLB)
(5452 Points)
Replied 11 August 2008
It is to be calculated on daily product basis.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India