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Bed Debts w/off

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(Querist)
14 April 2009
Dear Experts

Is it required for bed debts w/off more then 3 year old
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
14 April 2009 Not at all,
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
14 April 2009 No.
Its not required.
But you cannot claim a debt as receivable if its outstanding for more than 3 years unless othwerise agreed in writing.
That's why we make it a point better to write it off.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
21 April 2009 In case any debt is not recoverable then it can be w/off at any time as a bad debt.

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