https://www.taxtmi.com/circulars?id=5430 Deductions by banks under Profits and Gains must be allowed only after verification. Bad debt claims under Section 36(1)(vii) require writing off and prior debit to the Provision for Bad and Doubtful Debts; only amounts exceeding the opening provision balance are allowable and limits under Section 36(2)(viia) apply. Head office expenses for foreign banks must meet Section 44C, arm's length and DTAA conditions. Interest embedded in capital purchase of securities is not deductible; expenditures related to exempt income are barred by Section 14A, and other statutory timing and payment rules (Sections 43B, 35DDA, 37, 145) govern allowability. en-us Wed, 26 Nov 2008 00:00:00 +0530 Mon, 01 Dec 2008 18:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=5430 Deductions by banks under Profits and Gains must be allowed only after verification. Bad debt claims under Section 36(1)(vii) require writing off and prior debit to the Provision for Bad and Doubtful Debts; only amounts exceeding the opening provision balance are allowable and limits under Section 36(2)(viia) apply. Head office expenses for foreign banks must meet Section 44C, arm's length and DTAA conditions. Interest embedded in capital purchase of securities is not deductible; expenditures related to exempt income are barred by Section 14A, and other statutory timing and payment rules (Sections 43B, 35DDA, 37, 145) govern allowability. Circulars Income Tax Wed, 26 Nov 2008 00:00:00 +0530 https://www.taxtmi.com/circulars?id=5430