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of <h1>Finance Bill 2017: Amend Section 43B for Co-op Bank Interest Deductions, Effective April 2018, Exclusions Apply.</h1> The Finance Bill, 2017 proposes an amendment to Section 43B of the Income-tax Act, allowing interest payments to co-operative banks to be deductible on an actual payment basis, similar to scheduled banks and public financial institutions. This change applies to loans or advances from co-operative banks, excluding primary agricultural credit societies and primary co-operative agricultural and rural development banks. The amendment will be effective from April 1, 2018, impacting the assessment year 2018-2019 and onwards. Definitions for 'co-operative bank,' 'primary agricultural credit society,' and 'primary co-operative agricultural and rural development bank' will also be included in the section.
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