Bads debt recovered
This query is : Resolved
22 September 2013
dear sir
suppose in this financial year govt. allows bad debt for some amount and due to this bad debts a person falls below MEANT. in next year the bad debts recovered but the total income is below MEANT. then in this case a person has to pay any tax??
22 September 2013
I assumes by MEANT u mean the exemption limit. In case the total income including debt recovered is below the exemption limit, then there is no tax implication.
However, if year's income + debt recovered is more than exemption limit, then tax shall be payable at the appropriate tax rate.
However, if year's income + debt recovered is more than exemption limit, then tax shall be payable at the appropriate tax rate.
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