Loss
This query is : Resolved
29 May 2010
What is the tax treatment of net banking fraud loss of Rs. 7 lacs?
What is the situation if account under consideration is personal account of director?
What is the situation if account under consideration is personal account of director?
29 May 2010
Loss due to net banking fraud in a business account can be claimed as a business loss.
Establishing of a nexus for keeping company's funds in Director's personal a/c would make the company eligible for claiming the same as a loss.
However, if the director is a salaried person, no tax treatment is available unless he is engaged in any other business activity and it can be proved that the said a/c is being utilised for the purpose of such business.
Establishing of a nexus for keeping company's funds in Director's personal a/c would make the company eligible for claiming the same as a loss.
However, if the director is a salaried person, no tax treatment is available unless he is engaged in any other business activity and it can be proved that the said a/c is being utilised for the purpose of such business.
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