Provision for bad and doubtful debts u/s 36(1)(viia) against the ...

Tax Act Update: Banks Can Claim Deductions for Both Bad Debt Write-Offs and Provisions for Rural Advances.

January 11, 2023

Case Laws Income Tax AT

Provision for bad and doubtful debts u/s 36(1)(viia) against the advances of rural branches - The circular mentions that the provisions of new clause (viia) of section 36(1), relating to the deduction on account of provisions for bad and doubtful debts, is distinct and independent of the provisions of section 36(l)(vii) relating to allowance of deduction of the bad debts. Scheduled commercial banks would continue to get the benefit of the write off of the irrecoverable debts under section 36(1)(vii) in addition to the benefit of deduction of the provision for bad and doubtful debts under section 36(1)(viia) - AT

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Provision for bad and doubtful debts u/s 36(1)(viia) against the ...

Tax Act Update: Banks Can Claim Deductions for Both Bad Debt Write-Offs and Provisions for Rural Advances.

January 11, 2023

Case Laws Income Tax AT

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