Cash loans debtor and creditor balance written off any time limit applicable
This query is : Resolved
Kollipara Sundaraiah
(Querist)
23 December 2021
Sir,
A it person cash loans from different creditors rs:25 lacs
cash loan to different debtors rs:10 lacs outstanding ledger balance amounts previous from 2018 years show in books.if a person interest receipts and payments every year .
Question:
How many years writen-off compulsory cash loans provision applicable in it act.
A it person cash loans from different creditors rs:25 lacs
cash loan to different debtors rs:10 lacs outstanding ledger balance amounts previous from 2018 years show in books.if a person interest receipts and payments every year .
Question:
How many years writen-off compulsory cash loans provision applicable in it act.
Dhirajlal Rambhia
(Expert)
23 December 2021
Number of years not specified in act, but it can be written of with any reason after about 8 to 10 years, or at the time of closure of business.
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