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of <h1>Income Tax Bill 2025: Clause 56 to Tax Interest on Bad Debts from Financial Institutions, Enhancing Fiscal Transparency.</h1> Clause 56 of the Income Tax Bill, 2025, introduces a provision for taxing interest income from bad or doubtful debts of specified financial institutions, including public financial institutions, scheduled banks, and certain NBFCs. It mandates that such income be taxed in the year it is credited or received, aligning tax obligations with financial realities. The clause aims to streamline tax processes, ensure compliance with RBI guidelines, and enhance fiscal transparency. While similar to Section 43D of the Income Tax Act, 1961, Clause 56 allows for broader inclusion of NBFCs and forms part of broader legislative reforms.
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