Set up of creditors & debtors

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Jogesh Jain (Querist)
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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)
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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)
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14 May 2014 YES THE AMOUNT WILL NOT RECOVER AS ALL THE COMPANIES ARE CLOSED

Sandeep Dharar

Sandeep Dharar (Expert)
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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)
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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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