Waiver of directors loan to the company by the directors

varanasi nageswara rao (chartered accountant) (21 Points)

08 January 2019  

Dear All

i came across a situation where directors waived thier loan given to the company through  banking channels.  what are the implications in accounts and  taxation?

whether the waiver amount will be treated as  income or it goes to revenue reserves?

 

Regards