HI
I have seen in Balance sheet where small trading company lends money to its Ex employee as loan
and this is shown as unsecured loan in Balance sheet
What will be impact on the company profit and loss if this amount is not recovered
can this loss of nonrecovery of loan be sett of against the company profit
Thanks Kapadia and sourav for your response
BAD BEDT is a loss for the company so how it will be accounted
and what is the reason to wrte off against profit
Secondly if a retire person @ 75 years age start a trading bussiness doe he need to pay tax or does he has any relaxation from IT
what is the minimum turnouver where the tax is not applicable
CAclubindia
