Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > S 36(1)(vii). Bad Debt
S 36(1)(vii). Bad Debt Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on S 36(1)(vii). Bad Debt Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is bad debt taxation? |  |
Ans. Bad debt taxation refers to the process of accounting for and taxing the losses incurred due to uncollectible debts. When a business is unable to recover the amount owed by a debtor, it can claim a deduction for the bad debt, reducing its taxable income.
| 2. What is the significance of S 36(1)(vii) in bad debt taxation? | |
Ans. Section 36(1)(vii) of the tax code deals with bad debt taxation. It allows businesses to claim a deduction for the amount of debt that has become bad or irrecoverable during the course of their operations, thereby reducing their taxable income.
| 3. How does bad debt taxation affect businesses? | |
Ans. Bad debt taxation provides businesses with a means to offset the losses incurred from uncollectible debts against their taxable income. By deducting the bad debt amount, businesses can lower their tax liability and improve their overall financial position.
| 4. Can a business claim a deduction for all bad debts? | |
Ans. No, not all bad debts can be claimed as a deduction. The tax code specifies certain criteria that need to be met for a debt to qualify as bad and eligible for deduction. For example, the debt must have been included in the business's income, and reasonable efforts must have been made to recover it.
| 5. What documentation is required to support a bad debt deduction claim? | |
Ans. To support a bad debt deduction claim, businesses should maintain proper documentation. This may include records of the debt, efforts made to collect it, communication with the debtor, and any legal actions taken. These documents serve as evidence to substantiate the claim during tax audits or inquiries.
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Dec 20, 2024 Last updated |
Video Description: S 36(1)(vii). Bad Debt for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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