Write off of debit balance in creditors for stores and spare
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 August 2010
the amount written off being debit balance in sundry creditores for stores and spares is allowble or not as per Income Tax Act
02 August 2010
The question is not clear.
I presume that you have paid excess to the creditors (may be due to late payments interest was charged by them).
Claim it as rate difference/discount.
I presume that you have paid excess to the creditors (may be due to late payments interest was charged by them).
Claim it as rate difference/discount.
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