genral question
This query is : Resolved
anmol bohra
(Querist)
20 November 2009
sir, if one party come to me and show me a outstanding for the fiancial year 2005-06, amt 25000, so if there is any right for me to not consider that outstanding amount, reason is that why i bear that problem because of fault of party , why not party show that amount from year 2006 to till now, or i have to make cooperate with this party
CA. Rishabh Mittal
(Expert)
20 November 2009
As per Limitations Act 1980, the time period after which a debt will become time barred is 6 years. Therefore, it's better to cooperate with party.
CA Ravi Sisodia
(Expert)
21 November 2009
yes,6 years time limit As per Limitations Act 1980.
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