19 December 2011
Dear all. I want your precious opinion on effect of write back of loan and advances and write off of unsecured loans in the books of account. I want to know whether it effects on tax liability. If possible give jusdjments regading the same.
19 December 2011
IF LOAN WAS UTILISED FOR CAPITAL PURPOSES THEN THE WRITE BACK AMT IS NOT TAXBLE IF THE LOAN WAS UTILISED FOR REVENUE PURPOES LIKE WORKING CAPITAL LIMIT THE WRITE BACK AMT TAXAB;LE
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