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of <h1>Guidelines for Bank Income Tax Assessment: Verify Deductions, Focus on Sections 36(1)(vii) & 36(1)(viia), Follow RBI Rules.</h1> The circular addresses the assessment of banks for income tax purposes, emphasizing the need for thorough verification of deductions claimed under various sections of the Income Tax Act, 1961. It highlights specific sections, such as 36(1)(vii) and 36(1)(viia), which pertain to bad debts and provisions for doubtful debts, ensuring deductions are only allowed after proper examination. The document also covers provisions related to head office expenses for non-resident banks, securities purchase, investment classifications, exempt income, employee welfare contributions, voluntary retirement payments, and contingent liabilities. It mandates the use of the mercantile system of accounting as per RBI guidelines and the Indian Companies Act.
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