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Articles by varun jain

Disallowances in case of Interest free loans granted

varun jain 28 December 2010 at 13:44

Disallowances in case of Interest free loans given by a company to a sister concern or others. In this regard it is pertinent to note that it is a well settled law that notional incomes are not taxable under the Income Tax Act, 1961. The Orissa

Prerequisites for Claiming Bad Debts

varun jain 23 December 2010 at 12:43

Prerequisites for Claiming Bad Debts In order to claim deduction of bad debts u/s 36(1)(vii) following conditions must be cumulatively satisfied: 1) It must be a DEBT: A debt is a present obligation to pay an ascertainable sum of money, wheth