dear all ,
please tell me it is mandatory to give interest on partner capital,if written in deed 12% ,
but due to financial condition they don't want to take interest on capital can they take zero interest on capital if written in deed 12%.
interest needs to be provided on the balance to Capital account if it's mentioned in the deed.
dept may raise query why interest on Capitol is not shown in partner's assessment as it wud amount to understating of income
CAclubindia
