|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.