Party interest income needs to be written off
This query is : Open
22 July 2020
I have substantial balance in Accounts Receivable a/c in my personal account as on 31-3-2019 which I had shown in Assets side of the Balance Sheet.
Now my party is unable to give the interest amount which I had accounted as accrued income in Accounts Receivable a/c .
How to make accounting entries for this loss of Party Interest Income and how to show the loss in Income Tax Return ?
Now my party is unable to give the interest amount which I had accounted as accrued income in Accounts Receivable a/c .
How to make accounting entries for this loss of Party Interest Income and how to show the loss in Income Tax Return ?
25 July 2020
You could write off the balance:
Dr. Bad debts
Cr. Respective party ledger.
In the ITR, there's a option to show bad debts. if the amount of such write off is more than 1 lakh, you alsi need to mention the PAN of the party.
In case of any queries, you could also contact to the following id:
caankithjain@gmail.com
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Tax on Deemed Capital Gain
- Section 194JA & JB Income which ITR Form to use
- Regarding ITR filing with more value than showing in AIS/TIS
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
