Tax treatment under income tax
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 June 2017
what will be the tax treatment of write of debtors and creditors under income tax. and also please mention relevant section for tax treatment.
KAVIRAJA ADDANGADI
(Expert)
04 June 2017
Write off credits amount to Income, while write off Debtors amounts to Bad debts can be written off as expenses.
CA Rashmi Gandhi
(Expert)
04 June 2017
Debtors written off will either be bad debts or discount allowed depends on its nature.
Writing off creditor is treated as discount received.
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