What is the provision for interest payable to any partner in the incom – InterviewSolution

1.	What is the provision for interest payable to any partner in the income tax act ₹
Answer» As per income tax act, section 40(b) interest payable to any partner is invalid if there is no provision for the same in partnership deed. Moreover as per section 40(b) (iv), if more than 12% interest is paid, it is again invalid.

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