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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SARAVANAN PALANISAMY

GST Karimnagar state

Darshan

Krishnamohan Gangaraju

CA Bijo scaria

Subscribe Now

Set up of creditors & debtors

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA