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of <h1>Interest on Doubtful Debts Now Taxable: Banks Must Include in Income, Following Kerala High Court Ruling and Policy Review.</h1> Interest on doubtful debts credited to a suspense account by banks is now required to be included in taxable income, reversing previous exemptions. This change follows a re-examination by the Board, in consultation with the Ministry of Law, and aligns with a Kerala High Court ruling. Consequently, earlier circulars and clarifications exempting such interest from taxable income are withdrawn. Pending assessments should be completed accordingly, and actions under sections 147(b) or 263 should be initiated for assessments previously completed under the old instructions.
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