Bad debts
This query is : Resolved
22 September 2018
Dear Sir,
I would like ask question regarding Bad debts, Debtors are outstanding from last 3 year can we transfer to Bad Debts in Profit & loss A/c. We are sure that this amount will not come in future. So please give me advise and compliances in Income tax.
Thanks & Regards
Vicky Narad
9271388736
I would like ask question regarding Bad debts, Debtors are outstanding from last 3 year can we transfer to Bad Debts in Profit & loss A/c. We are sure that this amount will not come in future. So please give me advise and compliances in Income tax.
Thanks & Regards
Vicky Narad
9271388736
22 September 2018
Then write it off and claim as business expenditure for income tax purposes.
23 September 2018
@ Mr B Chackrapani Warrier Sir.,
I have one more doubt about the said query...
When we write off the non-receipt of Payments from Debtors...?
Any time limit to transfer PandL account as Bad debts...?
Please give Your solution...
23 September 2018
Please see section 36(2)(2) and CBDT Circular 12/2016 dated 30-05-2016.
Message likes :
1 times
23 September 2018
Thank You for the reply Mr B Chackrapani warrier Ji...
Also thanks for the reference, I'll go to see the referred notification...
Thank You once Again...
Also thanks for the reference, I'll go to see the referred notification...
Thank You once Again...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Filing of Form 10BB instead of Filing Form 10B
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
