Extension of scope of section 43D to Cooperative Banks :

 

CLAUSE(S) OF FINANCE BILL, 2017	PARTICUL ARS OF AMENDME NTS	SECTION	AMENDMENT / NEWLY INSERTED	APPLICABLE W.E.F.	BRIEF OF AMENDMENT
17&18	Extension of scope of section 43D to CooperativeBanks	43D(a)	AMENDED	01st April 2018 (A.Y. 2018-19)	It is proposed that the Interest income in relation to certain categories of bad or doubtful debts received by co-operative banks other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank shall be chargeable to tax in the previous year in which it is credited to its profit and loss account for that year or actually received, whichever is earlier.(Taxability of Interest on sticky loans in case of FI’s & banks now in r/o NPA accounts on receipt basis only. Clause 157 of the budget speech by Hon’ble Finance Minister )