Hi our company is in the field of giotech.our company is incorporated in 2010.During lost 7 years by mistake reserves and surplus is overstated.Now we are reducing reserves and surpuls.is there is any problems comes if we do so.Please provide some provisions if any in imcome tax relating to reducing reserves and surplus.
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Overstated reserves and surplus
Replies (2)
how you are reducing it?
by writing off or else???
by writing off or else???
By debiting P&L and crediting TDS receivable.
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