Bad debts
This query is : Resolved
12 January 2016
SIR,
WE HAVE NOT RECEIVED SOME OUT STANDING AMT FROM MY DEBTORS. PROPRIETOR SHIP CO. AROUND 1 LAC FOR MORE THAN 3 YRS. CAN I
TRANSFER IT TO EXP - BAD DEBTS OR MISC EXP THIS YR. IS THERE ANY
LIMIT FOR BAD DEBTS. PLS REPLY THANKS IN ADVANCE.
WE HAVE NOT RECEIVED SOME OUT STANDING AMT FROM MY DEBTORS. PROPRIETOR SHIP CO. AROUND 1 LAC FOR MORE THAN 3 YRS. CAN I
TRANSFER IT TO EXP - BAD DEBTS OR MISC EXP THIS YR. IS THERE ANY
LIMIT FOR BAD DEBTS. PLS REPLY THANKS IN ADVANCE.
12 January 2016
you must show the sum in bad debts as the party is Debtors and if amount of debts exceeds Rs 1lac you need to quote PAN no in your return
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