Two yrs back i have written back some amount because the party is no longer available for payment since he closed his business. Now suddenly the party is asking for payment and the payment has been made to the party what is the significance to this transaction? Tell me the impact of Both Company"s Act and Income Tax act
2 Replies
Zainul Tawawalla
(Audit )
(101 Points)
Replied 26 June 2009
The expense during the year shall be recognised under the same account head in which the expense was originally reversed. As per Income Tax Act, the same shall be allowed as an expense if the same was charged as income in the Income Tax Act in the year in which this expense was reversed.
Solaimalai
(Article Assistant)
(50 Points)
Replied 27 June 2009
Can u Pl tell me which section provides for that can u tell me the section if possible
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