Convertion of Creditors to Reserves
This query is : Resolved
03 February 2009
Can a certain amount of Creditors(if they are silent for 4 years) be converted into Reserves as per AS
03 February 2009
You can convert but you have to pay taxes on the same if your client status is other than company.
If it is a company you have to wait for 7 years and transfer to investor education fund and you need not pay income tax on the same.
If it is a company you have to wait for 7 years and transfer to investor education fund and you need not pay income tax on the same.
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