Set up of creditors & debtors
This query is : Resolved
Jogesh Jain
(Querist)
14 May 2014
HELLO SANDEEP JI
I HAVE TOTAL DEBTORS - RS 4648314
total creditors - 4,18,000/-
CAN I WRITE OFF THAT TOTAL DEBTORS IN F.Y-13-14 AS IT IS HUGE AMOUNT..... PLZ ADVICE.... FROM JOGESH
I HAVE TOTAL DEBTORS - RS 4648314
total creditors - 4,18,000/-
CAN I WRITE OFF THAT TOTAL DEBTORS IN F.Y-13-14 AS IT IS HUGE AMOUNT..... PLZ ADVICE.... FROM JOGESH
Sandeep Dharar
(Expert)
14 May 2014
First tell that Y u r unable to recover such a huge amount? And tell also if u have done all things to recover the amount or not?
Jogesh Jain
(Querist)
14 May 2014
YES THE AMOUNT WILL NOT RECOVER AS ALL THE COMPANIES ARE CLOSED
Sandeep Dharar
(Expert)
14 May 2014
K, then there is no other way. U must have to show the amount as Bad Debts.
Nikhil Kaushik
(Expert)
14 May 2014
you need to write off the debts in the books. To that extent there is no problem. With regards to income-tax deduction, you shall have to establish the non-recoverability and your attempts toward recovery of the same.
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