Limitation on interest deduction expanded to cover finance companies in international financial services centres, effective assessment year 2025-26. Amendment expands the limitation on interest deduction to expressly include a Finance Company located in an International Financial Services Centre as an entity to which the restriction does not apply, and inserts definitions: 'Finance Company' by reference to the IFSC Authority regulations and subject to prescribed conditions, and 'International Financial Services Centre' by reference to the Special Economic Zones Act. The changes take effect from 1 April 2025 and apply to the assessment year 2025-2026 and subsequent years.
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Provisions expressly mentioned in the judgment/order text.
Limitation on interest deduction expanded to cover finance companies in international financial services centres, effective assessment year 2025-26.
Amendment expands the limitation on interest deduction to expressly include a Finance Company located in an International Financial Services Centre as an entity to which the restriction does not apply, and inserts definitions: "Finance Company" by reference to the IFSC Authority regulations and subject to prescribed conditions, and "International Financial Services Centre" by reference to the Special Economic Zones Act. The changes take effect from 1 April 2025 and apply to the assessment year 2025-2026 and subsequent years.
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