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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Bill, 2025: Clause 31 Allows Bad Debt Deductions for Banks and Financial Institutions; Up to 8.5% Deduction.</h1> Clause 31 of the Income Tax Bill, 2025, addresses deductions for bad debts and provisions for bad and doubtful debts. It allows specified assessees, including scheduled banks, non-scheduled banks, and co-operative banks, to deduct up to 8.5% of their total income and an additional 10% of rural branch advances. Foreign banks, public financial institutions, and non-banking financial companies can deduct up to 5% of their total income. Deductions apply when bad debts are written off as irrecoverable, provided certain conditions are met, such as the debt being accounted for in income computations and debited to a specific provision account.
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