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Nature and effect

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 April 2012 What is the nature and effect of BAD DEBTS RECOVERED A/c in the INCOME TAX RETURN is it increase our PROFIT OR INCOME? Tell me Briefly about this.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
11 May 2012 Bad debts recovered is taxable u/s 41(4) as profits and gains of business or profession and taxable in the year in which they are recovered.

The bad debts recovered will be shown as part of the business income.
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