Suppose one person has given a loan in a company and that company got closed in the year. Then what is the treatment of amount which is not recoverable? Also what is the impact on Income Tax for the person who gave the loan?
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Loan given waived
Replies (1)
1) No Impact on income tax. If you expect that it is not receivable in future then w/off it to P & L (Not allowable expenditure) .
2) If transaction relates to current year then the person is required to show it in Form 3CD under respective clause details of loan given u/s 269SS. , if applicable.
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