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Section 36(1)(vii) - Bad debts

Income Tax - Profit and Gains of Business or Profession - 39 - SEC - 36(1)(vii): BAD DEBTS A bad debt shall be allowed as deduction if the following conditions are satisfied: i. The bad debt should be written off as irrecoverable in the books of account of the assessee for the previous year in which deduction is claimed. ii. The debt should have been taken into account in computing the income of the previous year in which deduction is claimed or any earlier previous year OR the debt represents t .....

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