Dear sir,
we wish to formally write off an unrealized export sales.
despite of legal proceedings, the debt has become irrecoverable.
The export proceeds have remained outstanding .
Adequate recovery efforts have been made.
and the amount to write off is more than 10% of prescribed limits.
we have approached our bankers who will forward our request to RBI. we have collected required certificates & documents needed for BANKERS./ RBI
want to know from accounting /income tax point of view .
can we write off outstanding amt books of accounts in two accounting years.
ONE OUTSTANDING INVOICE THIS ACCOUNTING YEAR , AND ANOTHER OUTSTANDING INVOICE IN THE NEXT ACCOUNTING YEAR.
and apply for permission for write off for full outstanding.
Thanks & Regards
CAclubindia
