Treatment of waiver of agricultural loan
This query is : Resolved
15 August 2009
Mr.X had taken an agricultural loan.As per the budget, the loan had been waived off.Now, how should the same be treated in books of accounts..?Should it be treated as agricultural income or as a subsidy..?
Thanks in advance.
Thanks in advance.
16 August 2009
To extent of the interest waiver it should be credited to the profit & loss account as income.
To the extent of the principal it should be treated as subsidy.
To the extent of the principal it should be treated as subsidy.
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