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of <h1>New Notification Classifies NBFCs into Top, Upper, and Middle Layers Under Income Tax Act, 1961</h1> A Non-Banking Financial Company (NBFC) is defined under section 45-i(f) of the Reserve Bank of India Act, 1934, as a financial institution that is a company, or a non-banking institution that is a company primarily engaged in receiving deposits or lending. The Central Government, under Notification No. 80/2023, classifies NBFCs into Top, Upper, and Middle Layers for the purposes of specific clauses in the Income Tax Act, 1961. These classifications follow the Reserve Bank of India's guidelines issued on October 22, 2021, and the notification is effective from September 22, 2023.
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