TMI BlogSpecial provision in case of income of public financial institutions, public companies, etc.X X X X Extracts X X X X X X X X Extracts X X X X ..... companies as may be notified by the Central Government in the Official Gazette in this behalf ]] , the income by way of interest in relation to such categories of bad or doubtful debts as may be prescribed having regard to the guidelines issued by the Reserve Bank of India in relation to such debts; ( b ) in the case of a public company, the income by way of interest in relation to such categories of bad or doubtful debts as may be prescribed having regard to the guidelines issued by the National Housing Bank in relation to such debts, shall be chargeable to tax in the previous year in which it is credited by the public financial institution or the scheduled bank or 3 [ a co-operative bank other than a primary agricultural credit soc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; ( e ) State financial corporation means a financial corporation established under section 3 or section 3A or an institution notified under section 46 of the State Financial Corporations Act, 1951 (63 of 1951); ( f ) State industrial investment corporation means a Government company within the meaning of section 617 of the Companies Act, 1956 (1 of 1956), engaged in the business of providing long-term finance for industrial projects .] 4 [(g) co-operative bank , primary agricultural credit society and primary co-operative agricultural and rural development bank shall have the meanings respectively assigned to them in the Explanation to sub-section (4) of section 80P. ] 10 [ (h) the expression non-banking financi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve the meaning assigned to it in clause (ii) of the Explanation to clause (viia) of sub-section (1) of section 36; (c) State financial corporation means a financial corporation established under section 3 or section 3A or an institution notified under section 46 of the State Financial Corporations Act, 1951 (63 of 1951); (d) State industrial investment corporation means a Government company within the meaning of section 617 of the Companies Act, 1956 (1 of 1956), engaged in the business of providing long-term finance for industrial projects and approved by the Central Government under clause (viii) of sub-section (1) of section 36.' 2. Inserted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018 3. Inserted ..... X X X X Extracts X X X X X X X X Extracts X X X X
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