Notification-based classification of non-banking financial companies enables central specification for section 43D applicability under Income-tax law. Amendment replaces specified categories of non-banking financial companies in the special provision with a notification-based class to be specified by the ... Summary
Notification-based classification of non-banking financial companies enables central specification for section 43D applicability under Income-tax law.
Amendment replaces specified categories of non-banking financial companies in the special provision with a notification-based class to be specified by the Central Government, and substitutes the Explanation to define "non-banking financial company" by reference to the meaning given in the Explanation to clause (viia) of section 36; amendments effective from 1st April, 2024 and apply to the relevant assessment year and subsequent years.
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