Offset Bad Debts Against "Provision for Bad Debts" Account per Income Tax Act, Sections 36(1)(viia) & 36(1)(vii.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Bad debts claimed should be set off against the opening balance available in the “Provision for bad and doubtful debts” account created u/s. 36(1)(viia) and the balance shall be allowable as deduction u/s 36(1)(vii) supported by the Instruction No. 17 of 2008 dated 26.11.2008 issued by CBDT - AT....