It assessess un secured from creditor rs:14,50,265/- outstanding ledger balance as on dt:31-03-23 in books. Creditor prinicipal amount previous years for 2015.
Question:
Assessess creditor outstanding balance amount repayment (write off) any time limit provision applicable in it act.
There is no time limit, but if any amount is long outstanding and liability is no longer in existence, one can write off and consider this as income in the year of writing off.
JOIN LARGEST DISCUSSION PLATFORM
Sign up to discuss taxation, accounting and finance topics with experts from all over India.
Join Discussion
