Income??

please mention this question is regarding which subject and context

roshini reddy

CA Inter

★ 1K+

07-Aug-21 13:48

As now a days banks are providing relief for the int on loan due to covid.Whether the relief to be considered as income??

Thread Starter

vasabattula abhinav

CA Final

★ 85

07-Aug-21 14:02

The amount of relief in such cases would either be regarded as a reduction of the interest expenditure. This would increase the taxable income and, therefore, effectively be taxable as income.

Yoga Vishnu

CA Final

★ 11K+

07-Aug-21 15:11

If my expenditure was 5000 and I got relief of 1000 should I show net of expenditure of 4000 or show 1000 seperately under income side ?

Thread Starter

vasabattula abhinav

CA Final

★ 85

07-Aug-21 15:18

If total 5000 is already booked as a revenue expenditure in p&l account , Rs.1000 which you got as relief should be credited to P&L.

vishwam mandepudi

Qualified CA

★ 2K+

07-Aug-21 15:51

Thanks bro..if i show net of expenditure is it a wrong way to show?

Thread Starter

vasabattula abhinav

CA Final

★ 85

07-Aug-21 15:59

No

Sriram Somayajula

Admin

07-Aug-21 16:26

No means we shouldn't show in net of exp?

Thread Starter

vasabattula abhinav

CA Final

★ 85

07-Aug-21 17:10

You show gross or net does not matter

Sriram Somayajula

Admin

09-Aug-21 11:03

Thanks ð???

Thread Starter

vasabattula abhinav

CA Final

★ 85

10-Aug-21 06:35