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Section 43D - Interest income on Bad and Doubtful Debts

Income Tax - Profit and Gains of Business or Profession - 71 - SEC - 43D: INTEREST INCOME ON BAD AND DOUBTFUL DEBTS In case of Public Financial Institutions or State financial Corporation or State Industrial Development Corporation or Scheduled bank Interest income on bad and doubtful debts prescribed by RBI OR in case of Public company carrying on business of providing long term finance for residential houses interest income on bad and doubtful debts prescribed by National Housing Bank shall be .....

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thin the meaning of section 3 of the Companies Act, 1956 (1 of 1956); (ii) whose main object is carrying on the business of providing long-term finance for construction or purchase of houses in India for residential purposes; and (iii) which is registered in accordance with the Housing Finance Companies (NHB) Directions, 1989 given under section 30 and section 31 of the National Housing Bank Act, 1987 (53 of 1987); (c) "public financial institution" shall have the meaning assigned to i .....

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