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of <h1>Clause 18 of Finance Bill 2017: Co-operative banks' interest income on bad debts taxable from April 1, 2018, per section 43D.</h1> Clause 18 of the Finance Bill, 2017 amends section 43D of the Income-tax Act, effective April 1, 2018. The amendment includes co-operative banks, excluding primary agricultural credit societies and primary co-operative agricultural and rural development banks, in the provision that interest income from certain bad or doubtful debts is taxable in the year it is credited to the profit and loss account or received, whichever is earlier. Additionally, it defines 'co-operative bank,' 'primary agricultural credit society,' and 'primary co-operative agricultural and rural development bank' as per section 80P. These changes apply from the assessment year 2018-2019 onward.
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