Prerequisites for Claiming Bad Debts

varun jain , Last updated: 23 December 2010  
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In order to claim deduction of bad debts u/s 36(1)(vii) following conditions must be cumulatively satisfied: 1)It must be a DEBT: A debt is a present obligation to pay an ascertainable sum of money, whether the amount is payable in praesenti or futuro. (Keshoram Industries and Cot

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varun jain
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Category Income Tax   Report

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