Written off bad debts
This query is : Resolved
vishal singla
(Querist)
26 November 2014
Assessee intends the write off the bad debts before period of 3 years ,please advise
Amol S Joglekar
(Expert)
26 November 2014
The bad debts can be written off at the time when according to management it has turned BAD. 3 years is normally reckoned as period of limitation as per Banking norms. But Accountancy stipulates to write off the bad debt as and when it becomes BAD.
26 November 2014
there is no restiction but should be able to prove that debts have become bad.
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