Income Tax: Clause 15 proposes to remove references to National...

Income Tax: Clause 15 proposes to remove references to National Housing Bank from Section 43D of the Act and its Explanation, pertaining to income of public financial institutions, public companies involved in housing finance, scheduled banks, co-operative banks other than primary agricultural credit societies, primary co-operative agricultural and rural development banks, State financial corporations, State industrial investment corporations and notified non-banking financial companies. This amendment is consequential to the conferment of powers for regulation of Housing Finance Companies with Reserve Bank of India, bringing them under its purview as a category of Non-Banking Financial Companies. The amendment will be effective from April 1, 2025, applicable for the assessment year 2025-2026 and subsequent years.