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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
