Can Debit balance lying in Creditors A/c be written off?
This query is : Resolved
09 March 2011
Can Debit balance lying in Creditors A/c for around 3 years be written off?
If yes then under which section it can be written off?
If possible please provide a Case law for it.
If yes then under which section it can be written off?
If possible please provide a Case law for it.
09 March 2011
Debit Balance of Creditors can be Written Off, if it is irrecoverable. The same will be allowed under the "Provision of Bad Debts". There is no time limit but if it founds that it is irrecoverable it can be written off.
There are many recent case laws where it has been held that once it is written off by the Assessee, T Veerabhadra Rao K Koteshwar Rao & Co7.
There are many recent case laws where it has been held that once it is written off by the Assessee, T Veerabhadra Rao K Koteshwar Rao & Co7.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- ASMT-10 received from A O
- Rental income of jointly held property
- Accounting with Claude
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
