Interest on Reserves and Surplus A/c
Aniket Kumar (99 Points)
05 April 2022
Can interest be paid to partners on Reserves and Surplus account? Is it an allowable expense in income tax?
5 Replies
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 06 April 2022
Only interest on capital is allowed not on reserves
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 06 April 2022
Yes , agree with Eswar Reddy Only on Capital or Current account , Interest can be paid only to working partner subject to same Interest payable should be mentioned in partnership Deed . you have fulfill other conditions too as per section 40(b) of the Income tax act . On reserve surpluse not allowed.
Aniket Kumar
(99 Points)
Replied 06 April 2022
Can the Reserves and Surplus account be created anytime throughout the year? Also, can it be added back parter capital anytime?
MPR Sanjay Kumar
(3118 Points)
Replied 06 April 2022
My dear honorable persons could you please tell me how to take ratio in normal calculator with examples like
ratio for 4:8?
ratio for 12:45?
in normal calculator with steps
ratio for 4:8?
ratio for 12:45?
in normal calculator with steps
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 06 April 2022
@ Aniket Kumar
Generally Reserves and Surplus transfer entry will be passed at the end or after the end of FY
Generally Reserves and Surplus transfer entry will be passed at the end or after the end of FY
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