Interest Income on the bad or doubtful debts not to be taxed on accrual of income basis - co-operative societies brought on at par with Scheduled banks and other financial institutions - Section 43D - Budget 2017-18 w.e.f. AY 2018-19
3 February, 2017
Contents
Acts
Rules & Regulations
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Interest income recognition on bad debts: cooperative banks aligned with accrual-or-receipt tax treatment for recovered interest. Amendment extends the rule that interest on certain bad or doubtful debts is taxable in the year it is credited to profit and loss or actually received, ... Summary
Interest income recognition on bad debts: cooperative banks aligned with accrual-or-receipt tax treatment for recovered interest.
Amendment extends the rule that interest on certain bad or doubtful debts is taxable in the year it is credited to profit and loss or actually received, whichever is earlier, to co-operative banks while excluding primary agricultural credit societies and primary co-operative agricultural and rural development banks; it also adds in-section definitions of those terms and specifies a prospective operative date applying to the indicated assessment year and subsequent years.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
