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U/s 36(1)(vii) & (viia)

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(Querist)
05 January 2010 Hi,
I hv doubt in Income Tax,
is 36(1)(vii) applicable to only banking assesees &/or all other business, and also give clarity in S 36(1)(viia)

Thanks & Regards---
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Sudhindra

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Sudhindra (Expert)
06 January 2010 In so far as section 36 on Bad debts is concerned it is applicable to all the assesses including a banking company and or investment and others mentioned, however in so far as Reserve for bad debts allowance is concerned a specific provision is applicable only to a banking company whether indian or foreign and also the limits are mentioned therein.
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Sudhindra

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Sudhindra (Expert)
06 January 2010 In so far as section 36 on Bad debts is concerned it is applicable to all the assesses including a banking company and or investment and others mentioned, however in so far as Reserve for bad debts allowance is concerned a specific provision is applicable only to a banking company whether indian or foreign and also the limits are mentioned therein.
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