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Writing off bad debts
Can bad debts be written off against a solvent debtor? The solvent debtor in this case is a sole proprietor.
Replies (6)
Yes it can be written off
@ Kamal
if he is solvent how can u write off the same against him..
if he is solvent how can u write off the same against him..
@ sabyaschi mukherjee, sir so what are the conditions to write off a debt
Do u hv a business?
Then the relevant sections can be more explicitly explained.
Then the relevant sections can be more explicitly explained.
| Originally posted by : sabyasachi mukherjee | ||
 |
Do u hv a business?Then the relevant sections can be more explicitly explained. |  |
Yes Sir, Running a Partnership Firm have lent to a sole proprietor and the person has defaulted and is in a situation where he cannot pay this debt (but he is not insolvent), so what is the procedure in writing off this debt in my books
There is no specific conditions for writing off debt. We can write of debt if amount is not recoverable. As per income tax, if amount is received from debtor after writing off the debt, the amount received will be treated income
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