Deduction for Bad Debts : explanation of Section 36(1)(vii)
Deduction for Bad Debts : explanation of Section 36(1)(vii) What is a Bad Debt? Bad debt refers to an amount owed to a creditor that is no longer collectible and is deemed worthless. It arises when the debtor is unable to repay the debt due to financial difficulties, such as insolvency or bankruptcy, or …