Extension of scope of section 43B 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 43B to Cooperative Banks |
43B(e) | AMENDED | 01st April 2018 (A.Y. 2018-19) |
It is proposed that interest on any loan or advances from a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank shall be allowed as deduction on the payment basis i.e. if it is actually paid on or before the due date of furnishing the return of income of the relevant previous year
(Previously co-operative banks were not included) |