Unsecured loan written off
This query is : Resolved
17 August 2009
Dear all,
A company has Rs 2,00,000/- unsecured loans.
It is no longer payable.
Does that amount become taxable. If so under what section and how should it be treated in books of accounts?
thanks
A company has Rs 2,00,000/- unsecured loans.
It is no longer payable.
Does that amount become taxable. If so under what section and how should it be treated in books of accounts?
thanks
17 August 2009
it will be capital receipt, therefore, will not be taxable.
18 August 2009
correct
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