Bad debts written for a party in fy 2021-2022
This query is : Resolved
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ARUN GUPTA
(Querist)
11 August 2024
I have written a bad debt for a party. The party got income tax notice and department treated my bad debts as party's income and department charged 100% penalty on income tax.The party now wants to return my money. What should I do now? Shall I take my money back?
Dhirajlal Rambhia
(Expert)
11 August 2024
Yes, you can take it back and declare it as your income.
ARUN GUPTA
(Querist)
02 October 2024
If I take money what will be my tax liability
Dhirajlal Rambhia
(Expert)
03 October 2024
In such case ITO will treat it as your income and tax it at slab rate.
Dhirajlal Rambhia
(Expert)
11 October 2024
Good luck ....
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