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of <h1>Section 94B Caps Interest Deductions for Companies, Excludes Banking and Insurance, Allows Carry Forward for 8 Years</h1> Section 94B of the Income-tax Act, effective from April 1, 2018, limits interest deductions for Indian companies or foreign company permanent establishments in India. If interest paid to a non-resident associated enterprise exceeds one crore rupees, deductions are limited to 30% of earnings before interest, taxes, depreciation, and amortization (EBITDA). This rule excludes banking or insurance businesses. Unused interest expenditure can be carried forward for up to eight years. The section defines key terms like 'associated enterprise,' 'debt,' and 'permanent establishment,' and applies from assessment year 2018-2019 onwards.
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