Pre-Budget 2021: Other Income – Taxable even if irrecoverable

A bad debt, in simple terms, means a debt that cannot be recovered. Businesses often find themselves in uncomfortable position chasing debtors to recover their debts. The pain can be double if you need to pay tax on such debts which remain unrecoverable.A bad debt, in simple terms, means a debt that cannot be recovered. Businesses often find themselves in uncomfortable position chasing debtors to recover their debts. The pain can be double if you need to pay tax on such debts which remain unrecoverable.taxmann.com Latest ArticlesRead More

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