October 2017

The tax code allows more favorable treatment for bad debts related to businesses than for non-business bad debts, such as personal loans to relatives or friends. Unlike business bad debts, which are deducted directly from…

Section 70 (2) of the Income Tax Act provides that short-term capital loss (STCL) can be offset by short-term capital gain. (Image: Reuters)I recently suffered a short term capital loss on the sale of shares, on which STT was paid. I also…