Written off
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 April 2013
If a company had taken unsecured loan and is not able to pay it back. It writes off the loan taken. Is it taxable under Income Tax Act 1961?
30 April 2013
Waiver of loan is in capital nature not taxable.
However waiver of trade liability or working capital loans are taxable.
However waiver of trade liability or working capital loans are taxable.
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