write off unclaimed balances
This query is : Resolved
ashok garg
(Querist)
29 June 2008
how to proceed with the write off the unclaimed balances showing in a balance sheet as a refundable security/EMD
(I) if we write off the same after 3 years of completion of work as per 'Law of Limitation' then what is the remedy if the creditor lodge the claim after write off the same?
(II) If we write off it in profit and loss account then whether it is taxable or not and whether it is available for dividend or not?
(III) As per company law whether it is capital reserve or revenue reserve in both situation if the security retained for capital project or for contract of trading nature?
(I) if we write off the same after 3 years of completion of work as per 'Law of Limitation' then what is the remedy if the creditor lodge the claim after write off the same?
(II) If we write off it in profit and loss account then whether it is taxable or not and whether it is available for dividend or not?
(III) As per company law whether it is capital reserve or revenue reserve in both situation if the security retained for capital project or for contract of trading nature?
ashok garg
(Querist)
29 June 2008
nil
Amit Bajaj
(Expert)
30 June 2008
Please check on the law of limitation. If it crosses that, then it can be written of and it is grouped under other income.
It is very much taxable as the benefit has been taken in the earlier period when such expense are incurred in the form of capitalization or expense.
As per Company law it is revenue reserve only and available for dividend
It is very much taxable as the benefit has been taken in the earlier period when such expense are incurred in the form of capitalization or expense.
As per Company law it is revenue reserve only and available for dividend
Taranjit Singh
(Expert)
03 October 2009
Hello, is this an old query still pending?????? plz send me a PM if yes.....
Taranjit Singh
(Expert)
03 October 2009
Hello, is this an old query still pending?????? plz send me a PM if yes.....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- Gst registered proprietorship firm
- GST Intimation due to Government took possession of Business Premises under PPE Act
- TDS on Fixed Assets purchased
- TDS on purchase of under construction property from a reseller
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- SALARY CAN BE CAPITALIZE
- Non filing of I T Returns
- Capitalgain tax purposes for valuation report compulsory
- Oct 2025 Invoices
- Under marginal scheme
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
