Please tell whether the following are taxable in income tax and under which section?
1.) Waiver of term loan by bank?
2.) waiver of working capital loan?
3.) waiver of loan by a money lending entity?
PLEASE EXPLAIN THE PRINCIPLES TO BE CONSIDERED.
DIPESH AGARWAL (ARTILCED ASSISTANT) (36 Points)
12 November 2010Please tell whether the following are taxable in income tax and under which section?
1.) Waiver of term loan by bank?
2.) waiver of working capital loan?
3.) waiver of loan by a money lending entity?
PLEASE EXPLAIN THE PRINCIPLES TO BE CONSIDERED.
sahana Murthy
(Student)
(123 Points)
Replied 22 November 2010
The waiver of loan is a revenue receipt taxable as business income. In all three cases.
Regards
Sahana Murthy
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
CAclubindia
