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Partner ship

Direct Taxation

In which head was interest on capital taxed. What Is the treatment of interest on drawings

muhammedali kk

CA Final

★ 64K+

15-Jan-21 22:51

321

Answers (6)

Best Answer

Sec. 28(v), any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by, a partner of a firm from such firm

Deepak Gupta

CA Inter

★ 1K+

17-Jan-21 00:06

Pgbp

Kishore Babu

CA Inter

★ 8K+

16-Jan-21 15:20

How can it be charged in PGRP. Isn't charging section Silent about it

Thread Starter

muhammedali kk

CA Final

★ 64K+

16-Jan-21 18:45

Best answer

Kishore Babu

CA Inter

★ 8K+

17-Jan-21 09:41

What about interest on drawings

Thread Starter

muhammedali kk

CA Final

★ 64K+

17-Jan-21 13:26

Thread Starter

muhammedali kk

What about interest on drawings

Interest received by a firm from its partners should be assessed as the income of the firm. If both interest on capital and drawings exist, they have to be net off.