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Liabilities write off

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(Querist)
09 February 2015 I have to write off liabilities which are payable for more than 5 years. So, can I write off these liabilities by adjusting against indirect income.
Thanks in advance.
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CA Deven

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CA Deven (Expert)
09 February 2015 yes you need to transfer it into misc w/off as an other income..if it is no longer payable.
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Vivek Mote

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Vivek Mote (Querist)
09 February 2015 Thanks CA Deven.
I have one more question.
Generally after how many period liabilities which are no longer payable can be write off.
Thanks in advance.
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CA Deven

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CA Deven (Expert)
09 February 2015 Depends on type of liabilities and management decision..

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