Why is Bank allowed a deduction under Income TAx Act for provision made for bad & doubtful debts?why is this exeption?
Sneha dagli (étudiante) (197 Points)
03 July 2012Why is Bank allowed a deduction under Income TAx Act for provision made for bad & doubtful debts?why is this exeption?
Tehsinkhan Pathan
(CA CMA DISA(ICAI) B.COM)
(3956 Points)
Replied 03 July 2012
Banking institution are providing financial facilities at large....
their major function is to lend money to people and from it they get interest income which is major source of income for them......
so that it is necessary to provide deduction for "Provision for doubtful debts" because it can not be known with certainty .....
Banksnet Banking
(software developer)
(25 Points)
Replied 04 July 2012
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Sneha dagli
(étudiante)
(197 Points)
Replied 04 July 2012
surely.. do you have any idea abt banking exams that 1 needs to give to get jobs in bank
CAclubindia
