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of <h1>Interest-tax Act Update: New Definition of Chargeable Interest for Credit Institutions from October 1991 u/s 5.</h1> Section 5 of the Interest-tax Act is replaced to define the scope of chargeable interest for credit institutions. Effective from October 1, 1991, chargeable interest for a previous year includes all interest accrued to a credit institution, excluding interest on loans to other credit institutions. Interest on bad or doubtful debts, as per section 43D of the Income-tax Act, is considered accrued in the year it is credited to the profit and loss account or received, whichever occurs first.
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