Section 41 Income Tax Act

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17 Points Posted on 15 February 2021
is deduction is allowed in section 41 for remission of liability?
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On 15 February 2021 at 19:04 Report
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This discussion clarifies Section 41 of the Income Tax Act concerning the remission of liability. Remission implies a gain because a debt no longer needs to be paid. Consequently, this gain is subject to tax rather than being eligible for a deduction.

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Remission means you need not to pay someone, i.e., you've gained some amount.

There is no question of allowing this gain as a deduction. Instead, this gain is charged to tax.

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On 15 February 2021 at 19:22
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Chartered Accountant
24588 Points Posted on 16 February 2021
Agree with manish
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On 16 February 2021 at 06:45

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