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of <h1>Income Tax Bill 2025: Clause 31 updates bad debt deductions, aligning with modern business practices and refining Section 36.</h1> Clause 31 of the Income Tax Bill, 2025, aims to update the framework for deductions related to bad debts and provisions for bad and doubtful debts, aligning with modern business practices. It sets structured guidelines for financial institutions, specifying deduction limits based on their classification, such as scheduled and co-operative banks. The clause allows up to 8.5% deduction of total income and an additional 10% for rural branch advances. It also provides conditions for claiming deductions on bad debts written off and clarifies exclusions. Compared to Section 36 of the Income Tax Act, 1961, Clause 31 offers a more detailed and refined approach.
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