BAD DEBTSS
This query is : Resolved
08 April 2022
Respected Sir,
My query is as follows:
A consignment was exported in May 2021 but due to certain reason funds from the buyer are no more expected. Can we write-off the funds expected on account of BAD Debts? Whether Income tax will allow us to do so? Whether certain formality on this issue is to be done with RBI?
My query is as follows:
A consignment was exported in May 2021 but due to certain reason funds from the buyer are no more expected. Can we write-off the funds expected on account of BAD Debts? Whether Income tax will allow us to do so? Whether certain formality on this issue is to be done with RBI?
08 April 2022
As per the Income Tax Act, whatever bad debt is written off in the accounts is allowed as deduction in the year it is written off.
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