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Write off of debit balance in creditors for stores and spare

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 August 2010 the amount written off being debit balance in sundry creditores for stores and spares is allowble or not as per Income Tax Act
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
02 August 2010 The question is not clear.

I presume that you have paid excess to the creditors (may be due to late payments interest was charged by them).

Claim it as rate difference/discount.

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