Provision regarding consumer loans.
(1) A non-banking finance company or the House Building Finance Corporation shall be allowed a deduction, not exceeding three per cent of the income for the tax year, arising out of consumer loans for creation of a reserve to off-set bad debts arising out of such loans.
(2) Where bad debt cannot be wholly set off against reserve, any amount of bad debt, exceeding the reserves shall be carried forward for adjustment against the reserve for the following years.
Explanation.— In this section, “consumer loan” means a loan of money or its equivalent made by a non-banking finance company or the House Building Finance Corporation to a debtor (consumer) and the loan is entered primarily for personal, family or household purposes and includes debts created by the use of a lender credit card or similar arrangement as well as insurance premium financing.
Enter your Description here...
โWeโre always working to improve and keep our information accurate, complete & up-to-date. If you spot any mistakes, missing details, or anything that doesnโt seem right, please let us know using the feedback option below.โ
No video available.
We provide multiple practice sessions specifically designed to help aspiring lawyers prepare effectively for the Law GAT (Graduate Assessment Test).as Per Outline "
Success! Your action was completed.
โAllah is sufficient for me. There is none worthy of worship but Him. I have placed my trust in Him. He is the Lord of the Majestic throne.โ