Guide to .. Tax Management ,Tax Planning and Tax Saving
 

[Section 36(1)(viia)] : Provision for Bad and Doubtful Debts relating to Rural Branches of Commercial Banks

In respect of any provision for bad and doubtful debts made by,—

  1. A scheduled bank (not being a foreign 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 non-scheduled bank,

    a deduction shall be allowed

    1. of an amount not exceeding 8.5% of the total income (computed before making any deduction under this clause and Chapter VIA i.e. deductions u/s 80C to 80U) and

    2. of an amount not exceeding 10% of the aggregate average advances made by the rural branches of such bank computed in the prescribed manner.

  2. A bank incorporated by or under any foreign laws or a public financial institution or a State Financial Corporation or a State Industrial Investment Corporation,

    a deduction shall be allowed of an amount not exceeding 5% of the total income (computed before making any deduction under this clause and Chapter VIA).

  3. A non-banking financial company,

    a deduction shall be allowed of an amount not exceeding 5% of total income (computed before making any deduction under this clause Chapter VIA).

 

Topics...on ‘Profits and Gains of Business or Profession’

Define … ‘Profits and Gains of Business or Profession’ and its Computation (Section 28)
Method of Accounting for Computing Business Income (Section 145)
Principles for Allowing Business Deductions / Allowances from Profits and Gains of Business or Profession.
Expenses Allowed as Deductions against Profits and Gains of Business or Profession [Section-30-37]
[Section 37(1)] : General Or Allowable Deductions under Business or Professions
Business Losses Deductible under the head  'Profits and Gains of Business or Profession'.
Expenses Not Deductible under the head 'Profits and Gains of Business or Profession (Section 40, 40A, 43B)
DEEMED PROFITS Chargeable to Tax as Business Income Under Profits and Gains of Business or Professions [Section 41]
Taxation of Undisclosed Business Income/Investments from Undisclosed Sources
Deduction in respect of Expenditure incurred on setting up of a Specified Business [Section-35AD] :
When Maintenance of Books of Accounts becomes Compulsory (Section 44AA)
Compulsory Audit of Books of Accounts by Chartered Accountant (Section 44AB)
Computation of Income On Estimated Basis Under Sections 44AD, 44ADA and 44AE

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