https://www.taxtmi.com/acts?id=46931 Amendments to section 36 condition and limit deductions for bank provisions for bad and doubtful debts: deductions for debts covered by clause (viia) are limited to amounts by which the debt exceeds the credit balance in the provision account; clause (viia) caps allowable provisions at the higher of ten percent of total income or two percent of aggregate average advances by rural branches; and a new sub section (2) clause requires that a deduction be disallowed unless the bank debited the debt in the previous year to the provision for bad and doubtful debts account. en-us Fri, 03 Jan 2025 13:21:36 +0530 Fri, 03 Jan 2025 13:21:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=46931 Amendments to section 36 condition and limit deductions for bank provisions for bad and doubtful debts: deductions for debts covered by clause (viia) are limited to amounts by which the debt exceeds the credit balance in the provision account; clause (viia) caps allowable provisions at the higher of ten percent of total income or two percent of aggregate average advances by rural branches; and a new sub section (2) clause requires that a deduction be disallowed unless the bank debited the debt in the previous year to the provision for bad and doubtful debts account. Act-Rules F. Acts / Amendment Acts Fri, 03 Jan 2025 13:21:36 +0530 https://www.taxtmi.com/acts?id=46931