Financial institution definition clarifies which banks and NBFCs are covered for income tax provision applicability and scope. Definition of Financial Institution for the income tax provision identifies a banking company subject to the banking regulatory framework, any bank or ... Summary
Financial institution definition clarifies which banks and NBFCs are covered for income tax provision applicability and scope.
Definition of Financial Institution for the income tax provision identifies a banking company subject to the banking regulatory framework, any bank or banking institution referenced by that framework, and expressly includes deposit taking non banking financial companies and systemically important non deposit taking non banking financial companies as set out in the applicable explanation, thereby delineating which entities qualify as financial institutions under the provision.
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