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Deduction u/s 36(1)(viia)

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 March 2011
What is the maximum deduction avialble under section 36(1)(viia) for banking company? What is the impact of provision of bad debt, on the deduction available?
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CA. Lohith Jagadeesh

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CA. Lohith Jagadeesh (Expert)
05 March 2011 Hi,

There is a dedution for Provision FOR BAD DEBTS upto 10% depending on what sort of Banking co it is.

While other provisions of the Act does not allow deductions for Provision for Bad & Doubtfull debt , section 36(1)(viia) allows the same for banking cos. thats the impact.

Thank you,

Regards
CA.LOHITH.J
B.com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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