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Q. > Please Help: Bad Debts
A company has bad debts in the 1st year of operation on account of export of services (IT Technologies). The service reciepant has become insolvent and recovery of amount is impossible. Can the company write off the amount in 1st year itself. Is there any need to inform RBI.
answered Jun 16, 2012 by Vikash Kumar Jha , Cuttack
It can be claimed under section 36 and can be written off in the 1st year of operation.
answered Jun 18, 2012 by Rishabh Upadhyay , Chandigarh
Yes, the company can write off the amount in the first year itself. Also there is a specific guideline providing for intimation the company if the money is not received from a export client with in a period on one year
answered Jun 30, 2012 by Rambabu Senkarasetti , Guntur
Yes
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