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of <h1>Amendment to Section 43D: Non-Banking Financial Companies Now Included in Taxation of Interest Income from Bad Debts</h1> Clause 15 of the Finance (No. 2) Bill, 2019 amends section 43D of the Income-tax Act, effective April 1, 2020. The amendment includes deposit-taking non-banking financial companies and systemically important non-deposit taking non-banking financial companies in the provisions concerning the taxation of interest income from bad or doubtful debts. These entities will now benefit from the provision, which taxes interest income when received or credited, whichever is earlier. The amendment also defines these financial companies within the section's Explanation. These changes apply from the assessment year 2020-2021 onwards.
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