Tax consequences related to debt reduction
| OUTCOMES OF TOPIC After studying this topic related to debt reduction, you should be able to: ✓ Understand what is meant by “debt reduction”; ✓ Understand when section 19 will be applicable; ✓ Understand when paragraph 12A of the Eighth Schedule will be applicable; ✓ Determine the tax treatment of debt reductions and identify whether any adjustments to the tax calculation are necessary; ✓ Be able to properly disclose adjustments related to debt reductions and complete the relevant sections on the ITR14. |