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of <h1>Amendment to Income-tax Act Section 36: Deduction for Bad Debts Raised to 8.5% for Banks from April 2018</h1> Clause 14 of the Finance Bill, 2017 proposes an amendment to section 36 of the Income-tax Act, specifically in sub-section (1), clause (viia), sub-clause (a). The amendment increases the allowable deduction for bad and doubtful debts from seven and one-half percent to eight and one-half percent of the total income for scheduled banks, non-scheduled banks, and co-operative banks, excluding certain agricultural credit societies. This change is effective from April 1, 2018, applicable for the assessment year 2018-2019 and onward.
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