Provision for bad debts
This query is : Resolved
26 August 2008
Can anyone please tell whether there is any regulation relating to creation of provision for bad debts in Income Tax Act. If so, also tell whether any rates have been suggested in the Act.
Regards,
Bhavadharani
Can anyone please tell whether there is any regulation relating to creation of provision for bad debts in Income Tax Act. If so, also tell whether any rates have been suggested in the Act.
Regards,
Bhavadharani
26 August 2008
The only stipulation is that a provision relating to bad debt is not an allowable expenditure. It will be allowed only if it is written off subject to conditions.
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