Please tell whether the following are taxable in income tax and under which section?
1.) Waiver of term loan by bank?
2.) waiver of working capital loan?
3.) waiver of loan by a money lending entity?
PLEASE EXPLAIN THE PRINCIPLES TO BE CONSIDERED.
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taxability of loan waiver
Replies (1)
The waiver of loan is a revenue receipt taxable as business income. In all three cases.
Regards
Sahana Murthy
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