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of <h1>Finance Bill 2017: Section 43D Amendment Extends Tax Treatment to Co-operative Banks, Excludes Certain Agricultural Societies.</h1> The Finance Bill, 2017 proposes an amendment to Section 43D of the Income-tax Act, affecting the taxation of interest income on bad or doubtful debts. Previously applicable to public financial institutions and banks, the amendment extends similar tax treatment to co-operative banks, excluding primary agricultural credit societies and primary cooperative agricultural and rural development banks. Interest income from these debts will be taxable in the year it is credited to the profit and loss account or received, whichever is earlier. Definitions for 'co-operative bank,' 'primary agricultural credit society,' and 'primary cooperative agricultural and rural development bank' are included, effective from April 1, 2018, for the assessment year 2018-2019 onward.
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