Shocking ! Direct Tax Code 2010 deems 5 years old liability as income !

0
781
Print Friendly, PDF & Email

There are umpteen number of cases where the liability in the books of accounts are carried for years. Under the present income tax Act , there is provision under section 41 of Income Tax Act ¬†under which remission of liability is deemed to be business income of the assessee. ¬†However, the test & condition laid…

This content is for Semi Annual members only.
Log In Register