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Section – 43-D - Extension of scope of section 43D to Co-operative Banks

 

According to existing provisions interest income in relation to certain categories of bad or doubtful debts of certain banks or companies etc. shall be chargeable to tax in the year in which it is credited to P & L Account or actually received which even is earlier.

 

It is proposed to extend this scope of this provisions to certain types of Co-op. Banks. As a consequential measure, the interest payable on such bad or doubtful debts will be allowable on actual payment if actually paid on or before the due date of furnishing the return of relevant previous year.

 

The amendment will be effective from 1st April 2018.


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