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Written off bad debts

This query is : Resolved 
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(Querist)
26 November 2014 Assessee intends the write off the bad debts before period of 3 years ,please advise
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Amol S Joglekar

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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.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
26 November 2014 there is no restiction but should be able to prove that debts have become bad.
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