Stock write off
This query is : Resolved
25 July 2012
If we write off obsolete stock of raw material/packing material in books of account, is it allowable as revenue expenses in income tax ? If yes in which section?
26 July 2012
The best way is that while compiling the next Balance Sheet and Profit & Loss account value obsolete stock at ZERO in CLOSING STOCK inventory. Automatically the profits would get reduced.
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