Karachi, September 3, 2023 – The Federal Board of Revenue (FBR) has issued guidelines specifying conditions for allowing deductions for bad debts during the tax year 2024.
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Expenditures against bad debt allowed
The Federal Board of Revenue (FBR) has allowed expenditures against bad debt with certain conditions under Section 29 of Income Tax Ordinance, 2001.
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Irrecoverable loans to be allowed tax concession
KARACHI: Federal Board of Revenue (FBR) shall allow reduction in tax liability against bed debts where loans are irrecoverable, officials said.
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