Deduction limit for bank provisions increased, raising allowed percentage for bad-debt reserves and applying to future assessments. Amendment raises the percentage cap used to compute the deduction for provisions for bad and doubtful debts available to resident scheduled banks, non-scheduled banks and specified co-operative banks (excluding primary agricultural credit societies and primary co-operative agricultural and rural development banks), while retaining the existing separate cap tied to aggregate average advances of rural branches; the change is effective for the relevant assessment year and subsequent years.
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Provisions expressly mentioned in the judgment/order text.
Deduction limit for bank provisions increased, raising allowed percentage for bad-debt reserves and applying to future assessments.
Amendment raises the percentage cap used to compute the deduction for provisions for bad and doubtful debts available to resident scheduled banks, non-scheduled banks and specified co-operative banks (excluding primary agricultural credit societies and primary co-operative agricultural and rural development banks), while retaining the existing separate cap tied to aggregate average advances of rural branches; the change is effective for the relevant assessment year and subsequent years.
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