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Liability Write off
09-28-2010, 12:15 AM
Post: #1
Liability Write off
please anybody tell me that which law requires to write off the liability after three years???
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09-28-2010, 08:22 PM
Post: #2
 
Hi dear

There is no laws which precise the timing for writing off of liabilities. However, management should judge the remoteness for any future claim to arise from the liability. Hope this answer your question.

Nobin
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10-02-2010, 02:32 PM
Post: #3
 
there is company law which needs all liabilities are removed from yhe books of accounts
which are older more than 36 months
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10-04-2010, 07:14 PM
Post: #4
 
Dear,

There is no law that forces the writing off liabilities after three years. However, for tax purposes such liabilities will be added back as income and tax will be applied to such income including such liabilities.

Regards,
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10-07-2010, 10:47 PM
Post: #5
 
<font face="Trebuchet MS">ciapk
would u plz elaborate it with a short example? </font id="Trebuchet MS">
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