Deduction for bank provisions limited by regulation; Y2K upgrade expenditure deductible with accountant certification in specified years. Amendments to section 36 permit a scheduled or specified non scheduled bank, at its option, to deduct provisions for assets classified by the Reserve Bank as doubtful or loss up to five percent of those assets in the bank's books in any of the defined consecutive assessment years. The amendments also add a discrete deduction for expenditure incurred in a specified prior year to make non Y2K computer systems Y2K compliant, subject to exclusivity from other provisions and a required accountant's certification filed with the return; statutory definitions of 'computer system' and 'Y2K compliant computer system' are provided.
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.
Deduction for bank provisions limited by regulation; Y2K upgrade expenditure deductible with accountant certification in specified years.
Amendments to section 36 permit a scheduled or specified non scheduled bank, at its option, to deduct provisions for assets classified by the Reserve Bank as doubtful or loss up to five percent of those assets in the bank's books in any of the defined consecutive assessment years. The amendments also add a discrete deduction for expenditure incurred in a specified prior year to make non Y2K computer systems Y2K compliant, subject to exclusivity from other provisions and a required accountant's certification filed with the return; statutory definitions of "computer system" and "Y2K compliant computer system" are provided.
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