Business Close
This query is : Resolved
Sanjay Kumar Singh
(Querist)
25 November 2010
I have a propritory business in construction. I need to close down the business. I have some receivable which is bad.
Can I W/Off my Debts. Do I need to give any certificate for Closure of business to Income tax. Do I need to Close down my bank account (current Account)mandatorily.
Kindly Suggest.
Can I W/Off my Debts. Do I need to give any certificate for Closure of business to Income tax. Do I need to Close down my bank account (current Account)mandatorily.
Kindly Suggest.
25 November 2010
Yes, you need to do by submitting the income tax with profit/loss account & balance sheet.
and bank also.
and bank also.
Sanjay Kumar Singh
(Querist)
25 November 2010
if in future I get any Bad debts recovery where will I deposit.
26 November 2010
if you feel you can able to recover the bad debts and if you want to show in books for future, You can show the same in your individual books by transferring the debts in present year to your current a/c. or you can show as misc. income in future. if you need.
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