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provision for doubtful debts

This query is : Resolved 
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(Querist)
20 October 2010 Dear Sir,

one of our debtors party still he is not paying 75000, this amount i am going to write off.

how to make the journal entry

pls help me
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Guest

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Guest (Expert)
20 October 2010 Bad debts a/c dr.

To party a/c


Condition : according to CIT


u have taken action to recover that amount
from party

3 years old.


It is the assessee, who decides whether a debt has became bad or not and the A.O can never insist the assessee for production of proof that the debt had became bad


Newdeal Finance & Investments ltd Vs. Duputy CIT (2000) 74 ITD 469(Chennai)
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
20 October 2010 Sanat Ji has given more details in https://www.caclubindia.com/experts/disallowance-of-bad-debt-447595.asp
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taxindiaconnect

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taxindiaconnect (Expert)
21 October 2010 Agree with Sanat Payne on his reply as per above link provided by BC sir.
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gopal

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gopal (Querist)
21 October 2010 thanks mr ilayaraja.

bad debts group it will go to expense or balance sheet
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Guest

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Guest (Expert)
22 October 2010 Expenses



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