Credit balance w/back
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 January 2012
one of are client is in process of fast track exist scheme, for which the assets & liabilities should be nil but it has a Accounts payable (Credit Balance) of Rs. 9 Lakhs odd.
if our client with due consent with the party to whom it is payable write back the same.
Is the Credit balance w/back, taxable in the hands of our client?
if our client with due consent with the party to whom it is payable write back the same.
Is the Credit balance w/back, taxable in the hands of our client?
02 January 2012
Yes this Credit Balance will be assessed as profit for your client in the year of w/o.and will be taxable.
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 January 2012
Thanks for the reply
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