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Experts Query Daily Digest : 27 November 2015
Posted by : Apurva Avinash Apte
Posted On : 11/27/2015 12:31:50 AM
Non performing asset from borrower's point of view
Sir / Madam,

A Loan account / CC of a Private Limited Company (Borrower) has been declared as NPA by the Bank in July 2014.

Bank has also reversed the interest charged on Borrowings for first 3 months i.e. from April to June 14.

My questions are from point of view of borrower:

1. What accounting treatment shall be given by the borrower in his books of accounts?

2. How to show this account in Schedule III?

3. What are the other required disclosures in the Balance Sheet?

Thanking you in anticipation.
Income Tax
Posted by : sagar
Posted On : 11/27/2015 12:42:36 AM
Capital gain on land sold
Hello frnds,
I sold a property and have capital gain of rs 400000 and I want to use this 400000 for running my bussiness and I don't want to invest it in acquiring another Land for saving capital gain tax
Please suggest me tax planning regarding the same.

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