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treatment of outstanding liabilities no longer required

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(Querist)
12 November 2009 There are certain liabilities, say on account of credit cards which have been closed and other liabilities which are no longer required to be paid. Can they be written back? and the P&L would be affected by that. Will it also affect the income tax liability?
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
12 November 2009 liabilities which are no longer required to be paid (100%sure & avidance available) is to be written off.
AS-29 Says the amount of provivion should be shown as an Expense in P/L statement and vice virsa.
yes,it also affect the income tax liability of current year.
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