Supplementary deed -clause on modification on int on capital
pooja dedhia
(Querist) 11 August 2013
This query is : Resolved
"The Partners shall be entitled to modify the above terms relating to remuneration, interest etc, payable to the partners by executing a supplementary deed and any such deed when executed shall have effect, unless otherwise provided from the first day of the accounting period in which such supplementary deed is executed ad the sane shall form part of this deed of partnership."
we all partners are agreed mutually to charge the interest on capital at 10% p.a. on partners capital account.we have not mentioned the w.e.f. date in the supplementary deed dated 22.02.2013. As per the above quoted clause in the main first deed of firm,is we are right to provide the rate of the interest @ 10% on the opening bal of the capital account on 1.4.2012 ?
kindly provide the guidance on above query?
R.K Nanda
(Expert) 11 August 2013
professional query.
ajay sethi
(Expert) 11 August 2013
you can afford legal fees
Raj Kumar Makkad
(Expert) 19 August 2013
No reply against professional query on the part of the experts.
C. SANJEEVA RAO
(Expert) 01 February 2014
It should be in accordance with section 40(b) of the Income-tax Act,1961