An amount due to creditors for the past years have been forgone by them although the amount was taken as a revenue expense at that time but now amount has been taken to general reserve.
What would be its treatment?
Menu
creditors amount forgone
Replies (2)
Didn't get your query?
revenue expenses claimed earlier which are not payable now (cessation of liability u/s 41), have to be shown as income
Recent Topics :
- Capital Gains Tax
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
- NRI Property Sale in India: TDS Rates and Key Comp
- Clarification on September 2026 PF Calculation for
- DRC-03 interest paid under CGST/SGST instead of IG
- GSTR1 amendment Bulk bills
- Capital Gain on Sale of Gold
- GST SALES RETURN MISSING 2025-26 FY
- Enquiry on FAST-DS system generated email
Related Topics :
CAclubindia
