Set up of creditors & debtors

This query is : Resolved

Jogesh Jain (Querist)
Follow

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

Sandeep Dharar

Sandeep Dharar (Expert)
Follow

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

Jogesh Jain (Querist)
Follow

14 May 2014 YES THE AMOUNT WILL NOT RECOVER AS ALL THE COMPANIES ARE CLOSED

Sandeep Dharar

Sandeep Dharar (Expert)
Follow

14 May 2014 K, then there is no other way. U must have to show the amount as Bad Debts.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now