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Bad debts written for a party in fy 2021-2022

This query is : Resolved 

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?

11 August 2024 Yes, you can take it back and declare it as your income.

02 October 2024 If I take money what will be my tax liability

03 October 2024 In such case ITO will treat it as your income and tax it at slab rate.

11 October 2024 Good luck ....


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