Cessation of liability
This query is : Resolved
03 March 2014
Under section 41(1) the cessation of liability: what shall be the treatment of the liability.
whether it shall be income u/h B/P or treated as total income ?
whether it shall be income u/h B/P or treated as total income ?
03 March 2014
it is added to income from business/profession.
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03 March 2014
then shall it be shown in the books of accounts (P&L)?
03 March 2014
or directly added to income u/h B/P
03 March 2014
it needs to be shown in "BP" sheet - Deemed Income under section 41.
04 March 2014
What is the concept of a time barred debt for cessation of liability ? [sec 41(1)]
04 March 2014
well time bar comes from the Statue of Limitations. to have a better understanding, refer https://www.lexology.com/library/detail.aspx?g=4cc4d6ad-d957-460b-9655-458c1c04a438
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