19 January 2025
I gave Rs12 lakhs to a debtor have gone bad debts.If I inform to income tax department as informant can I receive 20% from income tax as prize money for information.please suggest me the consequences of information on Income Tax portal.
19 January 2025
once you are able to prove that you have made all the efforts to recover your dues and such efforts have failed, all you can do is to claim deduction for bad debts as an expense.
20 January 2025
Then what does it means that parties accounts should match.My debtor will not show my amount due as his income in his books of accounts.If I inform the department regarding this will the department will not take any action against my debtor.please clarify?
20 January 2025
If some party does not make payments to its creditors and then the amount must be treated as income as per Income Tax laws. Does this not apply in my case?