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Income Tax - Highlights / Catch Notes

Home Highlights February 2012 Year 2012 This

Bad debts versus Provisions for bad and doubtful debts - rural ...

Income Tax

February 21, 2012

Bad debts versus Provisions for bad and doubtful debts - rural banking - Scope and ambit of the proviso to Section 36(1)(vii) - provisions of Sections 36(1)(vii) and 36(1)(viia) are distinct and independent items of deduction and operate in their respective fields - SC

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  6. Provisions for bad and doubtful debt should be restricted to the amount of such provision which are actually created in the books of account in the relevant year - AT

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  8. MAT - Provision for bad and doubtful debts are required to be added to book profit as per clause (i) of explanation [1] to subsection [2] of section 115JB - AT

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  10. MAT Computation - Even if the provision for doubtful debt is added back to the net profits, the resultant book profit is still negative and even though the assessee was...

 

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