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of <h1>Finance Act 2016 Amends Section 36(1)(vii) to Allow ICDS-Recognized Debts to be Written Off as Bad Debts.</h1> Income recognized under Income Computation and Disclosure Standards (ICDS) but not in accordance with traditional accounting standards may later become non-recoverable, resulting in bad debts. To address this, the Finance Act, 2016 added a proviso to section 36(1)(vii) of the Income Tax Act. This allows such debts, initially recognized under ICDS but not recorded in the accounts, to be written off as irrecoverable in the year they become non-recoverable. The provision ensures these debts are treated as written off for tax purposes, even if not recorded in the books.
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