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of <h1>Section 43D: Tax on Interest from Bad Debts for Financial Institutions Based on RBI Guidelines.</h1> Section 43D of the Income-tax Act introduces a special provision for public financial institutions, scheduled banks, State financial corporations, and State industrial investment corporations. It specifies that income from interest on certain bad or doubtful debts, as prescribed by Reserve Bank of India guidelines, is taxable in the year it is credited to the profit and loss account or when actually received, whichever is earlier. Definitions for 'public financial institution,' 'scheduled bank,' 'State financial corporation,' and 'State industrial investment corporation' are provided, referencing relevant sections of the Companies Act and State Financial Corporations Act.
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