Deduction limit for NBFC bad debt provisions imposed, restricting allowable deduction relative to total income. Amendment inserts a new sub-clause permitting a deduction for provisions for bad and doubtful debts made by a non-banking financial company, limited to an ... Summary
Deduction limit for NBFC bad debt provisions imposed, restricting allowable deduction relative to total income.
Amendment inserts a new sub-clause permitting a deduction for provisions for bad and doubtful debts made by a non-banking financial company, limited to an amount not exceeding five per cent. of the total income (computed before deductions under that clause and Chapter VI-A), and defines "non-banking financial company" by reference to the Reserve Bank of India Act; effective 1 April 2017.
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