In Tax Audit -
If payment is receivable from Debtors in earlier years and in our books if we write-off the same in earlier years
But if that payment is reveived in current year then in Form 3CD is there any need to give comment on this?
And this comes under which section?
| Originally posted by : Vivekranjan | ||
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In Tax Audit - If payment is receivable from Debtors in earlier years and in our books if we write-off the same in earlier years But if that payment is reveived in current year then in Form 3CD is there any need to give comment on this? And this comes under which section? |
 |
Dear Vivek,
Bad Debt is allowed u/s 36(1)(vii) if the debt is taken on computing the total income
Subsequently, the debt is recd.Therefore the same will be charged to tax u/s 41(1)
If it already credited to PNL Account, there is no need to mention anything in 3CD.
| Originally posted by : Kamal Jain | ||
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If it already credited to PNL Account, there is no need to mention anything in 3CD. |
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