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waiver of loan

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(Querist)
22 June 2010 I need immediate reply.
Any one help me.
A company paid loan to one of its director for his son's educational expenses.A year later the company waive that loan. Now can i treat this loan as perquisite. if not, then how i will account this amount as per accounting manner and as per IT Act?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
22 June 2010 It is need to added as taxable perquisites and deduct TDS
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