What is limit of interest on partners capital..
and under which section Income tax it can be disallowed.
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Interest on partners capital.
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Refer section 40(b) of the Income tax act 1961.
The rate of interest should not exceed 12%. If the amount of interest exceeds 12% of the capital then such excess amount is disallowed as per Sec.40(B) of Income tax Act, 1961
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