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Partner ship

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


muhammedali kk

muhammedali kk

CA Inter

64K+

15-Jan-21 22:51

19

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

Deepak Gupta

CA Inter

760

17-Jan-21 00:06

Pgbp


evolvo o

evolvo o

CA Inter

3K+

16-Jan-21 15:20

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


muhammedali kk

muhammedali kk

CA Inter

64K+

16-Jan-21 18:45

Best answer


evolvo o

evolvo o

CA Inter

3K+

17-Jan-21 09:41

What about interest on drawings


muhammedali kk

muhammedali kk

CA Inter

64K+

17-Jan-21 13:26

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.


Suraj Lakhotia

Suraj Lakhotia

Admin

18-Jan-21 11:19