25 November 2010
I have a propritory business in construction. I need to close down the business. I have some receivable which is bad. Can I W/Off my Debts. Do I need to give any certificate for Closure of business to Income tax. Do I need to Close down my bank account (current Account)mandatorily.
26 November 2010
if you feel you can able to recover the bad debts and if you want to show in books for future, You can show the same in your individual books by transferring the debts in present year to your current a/c. or you can show as misc. income in future. if you need.
CAclubindia
