https://www.taxtmi.com/acts?id=49054 Interest on bad or doubtful debts of specified financial institutions is chargeable under the head "Profits and gains of business or profession" in the tax year in which the interest is credited to the profit and loss account or actually received, whichever is earlier. Specified financial institutions comprise listed categories of public financial institutions, scheduled banks, certain cooperative banks (with stated exclusions), State Financial Corporations, State Industrial Investment Corporations, and notified classes of non banking financial companies; qualifying bad or doubtful debts are to be prescribed with reference to regulatory guidelines. en-us Fri, 14 Feb 2025 16:30:33 +0530 Fri, 14 Feb 2025 16:30:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=49054 Interest on bad or doubtful debts of specified financial institutions is chargeable under the head "Profits and gains of business or profession" in the tax year in which the interest is credited to the profit and loss account or actually received, whichever is earlier. Specified financial institutions comprise listed categories of public financial institutions, scheduled banks, certain cooperative banks (with stated exclusions), State Financial Corporations, State Industrial Investment Corporations, and notified classes of non banking financial companies; qualifying bad or doubtful debts are to be prescribed with reference to regulatory guidelines. Act-Rules Bills Fri, 14 Feb 2025 16:30:33 +0530 https://www.taxtmi.com/acts?id=49054