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of <h1>Rule 6EA: Tax Rules for Interest on Bad Debts by Banks and Financial Institutions Explained</h1> The provisions of Rule 6EA under the Income-tax Rules, 1962, apply to public financial institutions, scheduled banks, State financial corporations, and State industrial investment corporations concerning interest income on bad and doubtful debts. These debts include non-viable or sticky advances with prolonged irregularities, advances recalled due to doubtful repayment, suit-filed accounts with pending recovery proceedings, decreed debts awaiting execution, and debts with doubtful recoverability due to security shortfalls or borrower non-compliance. The rule outlines specific conditions under which these debts are categorized, impacting the recognition of interest income for tax purposes.
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