THERE IS NO TRADING ACTIVITY IN A PARTNERSHIP FIRM BUT IT IS CARRYING FORWARD IT'S LOSSES FROM PREVIOUS YEARS. I WANT TO KNOW WHETHER IN AY 10-11,11-12,12-13, WE CAN SHOW INTEREST ON CAPITAL AND REMUNERATION TO PARTNERS (RS 150000 IN CASE OF LOSS).
1 Replies
NAVEESH DHAR
(ADVOCATE- TAXATION ADVISOR)
(427 Points)
Replied 25 August 2014
There is no restrictions to provide interest on capital but the salary to partners be provided on the availability of profits further the provisions for interest and salary partners must be claused in partnership deed
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