5. [ Scope of chargeable interest [Substituted by Act 49 of 1991, Section 94 (w.e.f. 1-10-1991) ]
- Subject to the provisions of this Act, the chargeable interest of any previous year of a credit institution shall be the total amount of interest (other than interest on loans and advances made to other credit institution [or to any co-operative society engaged in carrying on the business of banking] [Clause (7) Inserted by Act 49 of 1991, Section 91 (w.e.f. 1-10-1991) ] accruing or arising to the bank in that previous year.Providing that any interest in relation to categories of bad or doubtful debts referred to in Section 43-D of the Income-tax Act shall be deemed to accurue or asrise to the credit institution in the previous year in which it is credited by the credit institution to its profit and loss account for that year or, as the case may be, in which it is actually received by the credit institution, hichever is earlier.]
