Unsecured loan o/s > 3 years
This query is : Resolved
31 December 2015
There is one unsecured loan which is outstanding for more than 3 years.
Whether it can be considered as time barred debt as like creditors and treated as income ??
Thanks in advance.
Whether it can be considered as time barred debt as like creditors and treated as income ??
Thanks in advance.
31 December 2015
It can not be termed as time barred debt and can not be added to income like creditors, if the genuine ness of the transaction can be proved.
31 December 2015
merely at the instance of expiry of some statistical period does not per se entitles the occurence of any income. If a persistent attempt signifies that the same is not to be repaid, then the question of writing it back as income will arise. In the situation of writing back, it will be treated as Capital Receipt, if the same is taken for acquisition of fixed asset.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CLOSING STOCK QUERY
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Gst on travel by air for business purposes
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Difff in ais receipts and gst turnover
- Rent claimed on building given on permissive possession basis
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
