tax Audit
This query is : Resolved
15 May 2009
dear all,
Whether recovery of bad debt included in the ambit of income for the purpose of tax audit u/s 44AB ? And any other inclusion/exclusion of income for this purpose ? Kindly give the section reference too..
Thanking you.
Whether recovery of bad debt included in the ambit of income for the purpose of tax audit u/s 44AB ? And any other inclusion/exclusion of income for this purpose ? Kindly give the section reference too..
Thanking you.
15 May 2009
No, as the same has been considered as trunover in earlier year, hence no to be included in trunover for the purpose of sec 44AB.
This will form part of business income, if you have already claim it as deduction in earlier years.
This will form part of business income, if you have already claim it as deduction in earlier years.
15 May 2009
In addition to wht chetan said ...
Any expense which has allowed in earler years if received during the year then it would be taxable in the year of receipt.
So bad debts if allowed earlier on recovery whould be income of this year.
Any expense which has allowed in earler years if received during the year then it would be taxable in the year of receipt.
So bad debts if allowed earlier on recovery whould be income of this year.
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