Deduction u/s 36(1)(viia)
This query is : Resolved
Querist : Anonymous
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?
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?
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
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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