Plaese tel me the recent notifications for the BAd debts written off?
Income Tax
Sudha Hegde
Guidance on Writing Off Bad Debts: Ensure Debts are Irrecoverable, Claim in P&L, Review Income Tax Act Section 36. A user inquired about recent notifications regarding bad debts written off for income tax purposes. A respondent advised that bad debts should be irrecoverable and written off in the debtor's account by claiming the amount in the Profit and Loss Account. The respondent also recommended reviewing Section 36 (1) and (2) of the Income Tax Act for further guidance. (AI Summary)
TaxTMI
TaxTMI