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"
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Regis.
- Tax on capital gains revoked us 54f
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Filing of Form 10BB instead of Filing Form 10B
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Should I include march foreign salary received in April in my income for FY 2023-24?
- GST Registration Cancellation books of accounts asked by officer
- TDS deduction 194J instead of EPF
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
