Bad debts

Save Share

This query is : Resolved

VICKY TEJRAM NARAD (Querist)

22 September 2018 Dear Sir,
I would like ask question regarding Bad debts, Debtors are outstanding from last 3 year can we transfer to Bad Debts in Profit & loss A/c. We are sure that this amount will not come in future. So please give me advise and compliances in Income tax.

Thanks & Regards
Vicky Narad
9271388736

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

22 September 2018 Then write it off and claim as business expenditure for income tax purposes.

RAJA P M

RAJA P M (Expert)

23 September 2018 @ Mr B Chackrapani Warrier Sir., I have one more doubt about the said query... When we write off the non-receipt of Payments from Debtors...? Any time limit to transfer PandL account as Bad debts...? Please give Your solution...

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

23 September 2018 Please see section 36(2)(2) and CBDT Circular 12/2016 dated 30-05-2016.

Message likes : 1 times

RAJA P M

RAJA P M (Expert)

23 September 2018 Thank You for the reply Mr B Chackrapani warrier Ji...
Also thanks for the reference, I'll go to see the referred notification...

Thank You once Again...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now