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of <h1>New Tax Rule for Interest Income on Bad Debts: Section 43D of Income-tax Act Revised Effective April 1, 2000</h1> Section 43D of the Income-tax Act is replaced by a new provision effective April 1, 2000, detailing the tax treatment of interest income from bad or doubtful debts for public financial institutions, scheduled banks, State financial corporations, State industrial investment corporations, and public companies. Such income is taxable in the year it is credited to the profit and loss account or received, whichever is earlier. Definitions are provided for terms like 'public financial institution,' 'scheduled bank,' 'public company,' 'State financial corporation,' and 'State industrial investment corporation,' referencing relevant Acts and guidelines.
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