DEDUCTION IN RESPECT OF BAD AND DOUBTFUL DEBTS IN CASE OF NBFCS
INCREASE IN THRESHOLD LIMIT OF PRESUMPTIVE TAXATION SCHEME FOR PERSONS HAVING BUSINESS INCOME
April 30, 2016RATIONALISATION OF SCOPE OF TAX INCENTIVE UNDER SECTION 32AC
April 30, 2016The existing provisions of Section 36(1) (viia) allows for a deduction of maximum 5% of the Gross Total Income (before claiming deduction under this clause and chapter VI-A) in respect of provision for bad and doubtful debts for a Public Financial Institution, State Financial Corporation and State Industrial Investment Corporations.
It is proposed to extend this benefit to Non-Banking Financial Companies (“NBFCs”) as well.
This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-18 and subsequent assessment years
