Bad debts should be deductible under Section 57

In order to claim deduction of bad debt under the head profits and gains from business and profession, one of the basic prerequisite conditions was that, there must be a debt and that debt must be incidental to the business or profession of the tax payer. Then only bad debts was allowed as a deduction to be claimed against the income taxable under the head ‘Profits and Gains from Business or Profession’. Correspondingly if the tax payer is offering the income under the head income from other souIn order to claim deduction of bad debt under the head profits and gains from business and profession, one of the basic prerequisite conditions was that, there must be a debt and that debt must be incidental to the business or profession of the tax payer. Then only bad debts was allowed as a deduction to be claimed against the income taxable under the head ‘Profits and Gains from Business or Profession’. Correspondingly if the tax payer is offering the income under the head income from other soutaxmann.com Latest ArticlesRead More

Leave a Reply