Income from creditor

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1359 Points Posted on 25 December 2021
if a creditor doesn't tale his money back this income will record in which account and what is the head name for it
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On 25 December 2021 at 20:16 Report
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When a creditor does not reclaim their money, this income is typically recorded under 'Profit & Loss' for Business & Profession. Remission of a creditor is considered taxable income under Section 41 of the relevant tax laws, impacting your business's profitability.

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CA
10436 Points Posted on 25 December 2021
Dr./Cr. written off
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On 25 December 2021 at 20:29
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1359 Points Posted on 25 December 2021
Can you please explain in detail
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On 25 December 2021 at 20:57
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Partner
1072 Points Posted on 26 December 2021

Remission of creditor is chargeable to tax under section 41 under the head profit & loss of business & profession.

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On 26 December 2021 at 20:18

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