Nature and effect
This query is : Resolved
Querist : Anonymous
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.
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.
The bad debts recovered will be shown as part of the business income.
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