Time barred debt
This query is : Resolved
04 March 2014
What is the concept of time barred debt? When does a debt become time barred?[section 41(1)]
05 March 2014
the concept of time barred debt is sourced from Limitation Act 1963. the time bar for different forms of dues is defined in Part A of the Act.
For trade debts it is 3 years...
For trade debts it is 3 years...
06 March 2014
Is it specified under some section in limitation act. Because i am unable to find any part A of the act.
06 March 2014
please refer http://comtax.up.nic.in/Miscellaneous%20Act/limitation-act-1963.pdf
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