Prince Kumar 18 September 2019
I jst want to know that a company 4 year before made a provision for doubtful debt on the advance given and while computing its taxable income the same has not been considered ( the same has been disallowed earlier) now the company has withdrawl it's provision for doubtful debt ((i.e) written back ), now while computing its book profit under MAT, the same amount (provision written back) is already included in net profit as per p&l and the same amount has been deducted u/s 36(1)(viii) to compute book profit (while computing book profit any provision withdrawn must be deducted), I want to know in income tax return where to show that amount ( provision for doubtful debt written back)
please answer it...
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sabyasachi mukherjee 18 September 2019
Please note advance to debtors has a seperate disclosure in Schedule III its not clubbed with debtors.
4 years back you hv given advance against supply of finished goods or services rendered to them but u hv not yet raised any invoice.
Either the supply/ service is not satisfactorily accomplished.
First resolve these issues.