Hello,
Last year we have created provision for doubtful debt. The same been disallowed.
This year we reversed the provision and added into the Income. How to avoid tax on the same... I mean how and where to disclose the same it ITR6.
1 Replies
Swami Ayyappa Nuli
(TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER)
(1372 Points)
Replied 14 November 2014
You can deduct it from Taxable Income while calculating tax. As Such provision was not allowed in earlier years, you already paid tax on it indirectly. So you need not to consider it again as Income nevertheless tend to Double taxation.
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