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of <h1>Finance Bill 2020 amends Section 94B, exempts certain interest deductions from April 2021 for banking establishments.</h1> Clause 46 of the Finance Bill, 2020, amends section 94B of the Income-tax Act, introducing sub-section (1A) effective from April 1, 2021. This new provision exempts interest paid on debt issued by a lender that is a permanent establishment in India of a non-resident engaged in banking from the limitations on interest deduction outlined in sub-section (1). Previously, sub-section (1) restricted interest deductions exceeding one crore rupees for Indian companies or foreign company branches in India from associated non-resident enterprises. This amendment applies from the assessment year 2021-2022 onwards.
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