Limitation on interest deduction: exclusion for notified classes of non-banking financial companies altering applicability from rules.

The Bill amends section 94B to allow the Central Government to notify classes of non banking financial companies that are excluded from the limitation on interest deduction and inserts a statutory definition of "non banking financial company" by reference to section 36. These changes, affecting the calculation and applicability of interest deduction limits under section 94B, take effect from 1st April 2024 and apply to the relevant assessment year and subsequent assessment years.

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