Waiver of unsecured loan

Let us discuss..

Let us discuss...

Friends

Can we discuss...

Regards,

WAIVING OFF YOUR LIABILITY IS NOTHING BUT YOUR INCOME AND WILL DEFINITELY INCREASE COMPANIES TAX LIABILITY

FOR THE INDIVIDUAL GIVING UNSECURED LOAN WILL BE HIS LOSS OF DEPOSIT GIVEN AND THUS AN EXPENSE

As per section 41(1) waiving of trading liability and not loan( whether secured or unsecured) amount to remission or cessation of trading liability which shall be deemed to be the  income under the head PGBP of the PY in which such remission or cessation took place.