Income-tax Act, 1961

Special provision in case of income of public financial institutions, ²³[***] etc.

43D. Notwithstanding anything to the contrary contained in any other provision of this Act,-

(a)	-	in the case of a public financial institution or a scheduled bank or a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank or a State financial corporation or a State industrial investment corporation or 24[such class of non-banking financial 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)	-	25[***]

shall be chargeable to tax in the previous year in which it is credited by the public financial institution or the scheduled bank or a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank or the State financial corporation or the State industrial investment corporation or ²⁴[such class of non-banking financial companies as may be notified by the Central G .... To read the full section download the app from Google Play store