Interest on capital is

07 November 2021

interest on capital is expense partnership firm ???

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8 Replies

Janak Shah (ca) (603 Points)
Replied 07 November 2021

Yes it's deductable expense

Atharv Sankliya (1323 Points)
Replied 07 November 2021

But interset on capital is appropriation of profit!

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 07 November 2021

Deduction for income tax purposes

Atharv Sankliya (1323 Points)
Replied 07 November 2021

Reserve is also expense??

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 07 November 2021

No....

Janak Shah (ca) (603 Points)
Replied 08 November 2021

Interest on capital is not appropriation of profit.

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 12 November 2021

Yes it is not appropriation of profit

Atharv Sankliya (1323 Points)
Replied 29 November 2021

Why ???

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