Bad debts
This query is : Resolved
12 September 2015
Please help me to w/off Bad debts minimum how many years old.
13 September 2015
Income Tax Act does not provide any time limit. The moment it is written off as irrecoverable, it is allowed as deduction- off course subject to certain conditions- but there is no time limit prescribed.
13 September 2015
time limit for claiming bad debts as loss is 3 years. u hv to wait for 3 years for claiming it as loss. afterward u can claim as loss.
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