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of <h1>Amendment to Section 43D redefines NBFCs under special tax rules; broader category notified by Central Government. Effective 2024.</h1> Section 43D of the Income-tax Act is amended to redefine the scope of non-banking financial companies (NBFCs) whose income is subject to special tax provisions. The amendment replaces the current references to specific types of NBFCs with a broader category defined as those notified by the Central Government in the Official Gazette. Additionally, the definition of 'non-banking financial company' is updated in the Explanation section. These changes are effective from April 1, 2024, and will apply to the assessment year 2024-2025 and onwards.
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