I HAVE INVESTED IN A COMPANY SUM OF RS.50000 & EVERY MONTH I USE TO GET INSTALLMENT OF RS.6250 FOR 16 MONTHS BUT IN BETWEEN COMPANY GETS BANKRUPTED I ONLY RECEIVED RS.25000 WHAT WOULD BE THE AFFECT AS PER INCOME TAX ACT,1961. & WHAT WUD BE THE AFFECT OF REMAINING PRINCIPAL AMT WHETHER TO W/O OR ANY OTHER TREATMENT AS IT IS NOT RECOVERABLE.
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Income Tax
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Write off rs. 25000 as bad debt.
It is allowable in Income Tax.
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