Special provision for interest on bad debts narrowed by removing public company references, altering future tax scope. The Bill reduces the scope of section 43D's special provision for recognition of interest income credited on bad or doubtful debts by removing references to public companies from the heading and operative text and by omitting specified clauses in the section and its Explanation; the changes operate prospectively from 1st April, 2025 and apply to the relevant assessment year and subsequent years.
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Special provision for interest on bad debts narrowed by removing public company references, altering future tax scope.
The Bill reduces the scope of section 43D's special provision for recognition of interest income credited on bad or doubtful debts by removing references to public companies from the heading and operative text and by omitting specified clauses in the section and its Explanation; the changes operate prospectively from 1st April, 2025 and apply to the relevant assessment year and subsequent years.
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