Bill discounting
This query is : Resolved
RAJESH SHARMA
(Querist)
04 August 2015
if a bill of rs 5 crore is discounted with bank and the amount is transfered in current account then is there any tax liability that will arise on assessee?
CA PARAS BAFNA
(Expert)
04 August 2015
Bill Discounting means receiving of payment from the banker on behalf of the buyer. So, from this particular activity of bill discounting, there does not arise any tax liability on the assessee.
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