Interest income recognition on prescribed bad debts: tax triggered on earlier of credit to account or actual receipt for specified lenders. Section 43D prescribes that interest income on prescribed categories of bad or doubtful debts for listed lenders is taxable in the previous year in which it is credited to the profit and loss account or actually received, whichever is earlier, and applies to public financial institutions, scheduled banks, State financial corporations, State industrial investment corporations and qualifying public companies, with reference to Reserve Bank and National Housing Bank guidelines and specified statutory definitions.
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.
Interest income recognition on prescribed bad debts: tax triggered on earlier of credit to account or actual receipt for specified lenders.
Section 43D prescribes that interest income on prescribed categories of bad or doubtful debts for listed lenders is taxable in the previous year in which it is credited to the profit and loss account or actually received, whichever is earlier, and applies to public financial institutions, scheduled banks, State financial corporations, State industrial investment corporations and qualifying public companies, with reference to Reserve Bank and National Housing Bank guidelines and specified statutory definitions.
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