Interest recognition rule extended to regulated NBFCs, with deductions allowed only when interest is actually paid by return-filing deadline. The accrual-exception that taxes interest on bad or doubtful debts when credited or received is extended to include deposit-taking NBFCs and systemically ... Summary
Interest recognition rule extended to regulated NBFCs, with deductions allowed only when interest is actually paid by return-filing deadline.
The accrual-exception that taxes interest on bad or doubtful debts when credited or received is extended to include deposit-taking NBFCs and systemically important non-deposit-taking NBFCs; correspondingly, interest deductions for payments to these NBFCs are allowable only if actually paid on or before the due date for filing the return of income, aligning their tax treatment with other regulated financial institutions.
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TaxTMI 
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