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Provision for Bad and Doubtful Debts in case of banks - limit of 7.5% enhanced to 8.5% - Budget 2017-18 w.e.f. AY 2018-19

Dated:- 2-2-2017 - Clause - 014 - Amendment of section 36. THE FINANCE BILL, 2017 Clause 14 of the Bill seeks to amend section 36 of the Income-tax Act relating to other deductions. The provisions of sub-clause (a) of clause (viia) of subsection (1) .....

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y co-operative agricultural and rural development bank, shall be allowed deduction in respect of provision for bad and doubtful debts. Further, the amount of such deduction is limited to seven and one-half per cent. of the amount of the total income .....

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