Bad debts

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VICKY TEJRAM NARAD (Querist)
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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)
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22 September 2018 Then write it off and claim as business expenditure for income tax purposes.

RAJA P M

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

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RAJA P M

RAJA P M (Expert)
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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...

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