write off of bad debt
This query is : Open
29 July 2009
One of my client is having unrealised debtors for past 5 / 6 years. He wants to write off the same as bad debt in the current year resulting in adjusting of profits. Pl advice in accordance with the provisions of IT Act whether the same will be allowed as deduction and expense or not.
30 July 2009
Only two condition need to be satisfied.
1. The amount form part of turnover in earlier year and
2. The anount was actually written off in the books of accounts.
Since both the conditions seems to be satisfied in your case, bad debt is allowable.
1. The amount form part of turnover in earlier year and
2. The anount was actually written off in the books of accounts.
Since both the conditions seems to be satisfied in your case, bad debt is allowable.
30 July 2009
WHAT IS THE MEANING OF "THE AMOUNT WAS ACTUALLY WRITTEN OFF IN THE BOOKS OF ACCOUNTS"
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