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        Direct Taxes

        Section 6 - Computation of chargeable interest

        Interest-tax Act, 1974

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        Chargeable interest computation: deduction for interest written off as bad debt permitted while specified historic interest is excluded. A deduction is allowed only for interest established as a bad debt in the previous year if that interest was earlier included in chargeable interest and has been written off as irrecoverable; no other deductions from total interest are permitted. Interest accruing or arising during specified historical periods is excluded and must not be taken into account when computing chargeable interest.
                          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.

                              Chargeable interest computation: deduction for interest written off as bad debt permitted while specified historic interest is excluded.

                              A deduction is allowed only for interest established as a bad debt in the previous year if that interest was earlier included in chargeable interest and has been written off as irrecoverable; no other deductions from total interest are permitted. Interest accruing or arising during specified historical periods is excluded and must not be taken into account when computing chargeable interest.


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