Taxation of interest on prescribed doubtful debts: interest taxable when credited to profit or when actually received. Interest on prescribed categories of bad or doubtful debts of public financial institutions, scheduled banks, State financial corporations and State industrial investment corporations shall be chargeable to tax in the previous year in which it is credited to their profit and loss account or in which it is actually received, whichever is earlier; categories are to be prescribed with regard to Reserve Bank of India guidelines, and key terms are defined by cross-reference to relevant company, banking and state financial corporation statutes.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Taxation of interest on prescribed doubtful debts: interest taxable when credited to profit or when actually received.
Interest on prescribed categories of bad or doubtful debts of public financial institutions, scheduled banks, State financial corporations and State industrial investment corporations shall be chargeable to tax in the previous year in which it is credited to their profit and loss account or in which it is actually received, whichever is earlier; categories are to be prescribed with regard to Reserve Bank of India guidelines, and key terms are defined by cross-reference to relevant company, banking and state financial corporation statutes.
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