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of <h1>Interest on prescribed bad or doubtful debts taxed when credited or received by specified financial entities under RBI guidelines</h1> For specified financial entities-public financial institutions, scheduled banks, certain co-operative banks, State financial corporations, State industrial investment corporations and notified classes of non-banking financial companies-interest relating to prescribed categories of bad or doubtful debts (determined with regard to Reserve Bank guidelines) is taxed in the previous year in which it is credited to the entity's profit and loss account or actually received, whichever is earlier; the section defines the covered entities and refers to prescribed categories and relevant regulatory guidance.
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