Non-payment of purchase amount
This query is : Resolved
Bhavin Jariwala
(Querist)
31 July 2012
Date of purchase is before 3 years.. And the amount due on it is still unpaid. Means the amount has not been paid by the purchaser of goods till date. Then what will be the effect of this transaction in accounting entries as well as in income tax?? And how to write off ?? Plz suggest me...
Amol S Joglekar
(Expert)
31 July 2012
Income tax will consider it as income in the year in which it is written back.
SANYAM ARORA
(Expert)
31 July 2012
Agree with the reply
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