Income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 March 2011
If there is a creditor recorded in my book for example Rs 192500 since last 2 years.
But now they waive this entire amount so how I can settled this liabilities in my books?
But now they waive this entire amount so how I can settled this liabilities in my books?
06 March 2011
It it is a trade creditor, transfer the amount to 'sundry creditors w/ back a/c" and carry it to the profit and loss account thereby offer for taxation.
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