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Hi
Can You if we write off a loan from group undertaking what will be the tax treatment???
My entry for write off isDr. Inter company loan
Cr. Income
Firstly we are not concerned with the double entry in the accounting system – we are of course concerned with the tax treatment of a loan write off and bad debt relief is not available on the write off of connected party loans ie within a group
Hi thanks for your reply ,
Bad debt relief is not available in case of debtor company write it off and what about the tax treatment in case of creditor company , which doesn’t have to pay anything in case of write off ??
That’s why i have mentioned the entry .
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