When the case is filed against debtors say for example he needs to pay us 1 Lakh.
In this scenario can we take the provisions for full amount of Rs. 1 lakh by debiting to profit and loss account by keeping in mind according to conservatism convention?
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Regarding provision against debtors for doubtful debts
Replies (3)
Yes u can.. It is possible to do so
Is there any provision as per Income Tax Law and is this provision will be treated as allowable expenses in the eyes of Law I mean IT Law?
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