Wrting off bad debts
This query is : Resolved
16 September 2011
Dear Sirs
I will be greatefull if anybody can narrte the procedure to write off bad debt in Income Tax point of view
I will be greatefull if anybody can narrte the procedure to write off bad debt in Income Tax point of view
16 September 2011
Bad debts will be allowed by assessing officer if he satisfied if the following conditions are fulfilled:
1.Reasonable steps have been taken to recover the debts- writing letters (Registered post with ACK due) to pay the dues later on reminders, still the debtor does not pay sending legal notice for this also he does not heed, filing a suit in a court of law despite above all efforts the debt could not be recovered then it can be written off preserving correspondence,copy of law suit etc
1.Reasonable steps have been taken to recover the debts- writing letters (Registered post with ACK due) to pay the dues later on reminders, still the debtor does not pay sending legal notice for this also he does not heed, filing a suit in a court of law despite above all efforts the debt could not be recovered then it can be written off preserving correspondence,copy of law suit etc
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