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Disallowances in case of Interest free loans granted
Posted by varun jain
28 December 2010
32580 Views
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
Posted by varun jain
23 December 2010
26170 Views
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
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