« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  On why FBT is fast becoming totalitarian for India Inc... Govt likely to tax companies on forfeited share money... » Banks: Rationalise I-T Act January, 28th 2008 Banks have asked for rationalisation of the Income Tax Act with the RBI guidelines on NPAs. There is a considerable divergence between provision made under RBI guidelines and those admissible under the I-T Act. There is a difference between income determined as per the tax laws and the books of accounts, which are maintained as per RBI guidelines. Hence the deduction available is different in both cases. The provisions for NPAs under the I-T Act precede the RBI guidelines on the same. The provision for NPA debited to Profit and Loss account as per RBI Act, is not eligible for deduction under the I-T Act. Bad debts under IT do not include doubtful debts. The provisions for NPA under the RBI directions is not only in respect of loss assets but also doubtful assets and sub-standard assets. Depending upon the period for which the asset has been considered as doubtful, various percentages of the amount is to be provided. So even as banks continue to provide for a doubtful asset, the definition for a doubtful asset is yet to be ascertained and is at present under the consideration of the Special Bench of the Income Tax Appellate Tribunal (ITAT).