CA SONIYA AGARWAL (self practice) (3005 Points)
16 May 2013
AMIT KUMAR JAIN
(CA)
(94 Points)
Replied 16 May 2013
Interest on Drawings will be given the same treatment as that of Interest on Partners Capital. In case it is negative, it will be credited to the Profit and Loss Accounts as Interest on Partners Capital.
There is no need to put a separate clause in the Partnership Deed.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)