https://www.taxtmi.com/acts?id=50636 Amendments require bad debts to be "written off as irrecoverable in the accounts of the assessee for the previous year" for deduction; omit certain provisos; redefine "scheduled bank" to list specified banks and exclude co-operative banks; and revise sub-section (2) so deduction is allowable only if the debt was taken into account in computing income in the year it was written off or an earlier year, or if it represents money lent in the ordinary course of banking or money lending, with clause (iii) and (iv) limited by inserted references to relevant earlier previous years. en-us Mon, 14 Apr 2025 17:23:51 +0530 Mon, 14 Apr 2025 17:23:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=50636 Amendments require bad debts to be "written off as irrecoverable in the accounts of the assessee for the previous year" for deduction; omit certain provisos; redefine "scheduled bank" to list specified banks and exclude co-operative banks; and revise sub-section (2) so deduction is allowable only if the debt was taken into account in computing income in the year it was written off or an earlier year, or if it represents money lent in the ordinary course of banking or money lending, with clause (iii) and (iv) limited by inserted references to relevant earlier previous years. Act-Rules F. Acts / Amendment Acts Mon, 14 Apr 2025 17:23:51 +0530 https://www.taxtmi.com/acts?id=50636