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Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

Waiver of loan amount - when a portion of the loan is waived, ...

Income Tax

April 26, 2016

Waiver of loan amount - when a portion of the loan is waived, the total amount of loan shown on the liabilities side of the balance sheet is reduced and the amount shown as Capital Reserves, is increased to the extent of waiver - amount representing the waived portion of the loan is shown as a capital receipt in the profit and loss account itself - HC

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