Due Rs12 lakhs written as bad debts in my books of accounts
This query is : Resolved
19 January 2025
I gave Rs12 lakhs to a debtor have gone bad debts.If I inform to income tax department as informant can I receive 20% from income tax as prize money for information.please suggest me the consequences of information on Income Tax portal.
19 January 2025
once you are able to prove that you have made all the efforts to recover your dues and such efforts have failed, all you can do is to claim deduction for bad debts as an expense.
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