https://www.taxtmi.com/acts?id=47919 Amendments to section 2 of the Interest-tax Act insert detailed definitions of credit institution and financial company, enumerating banking companies, cooperative banks, public financial institutions, State financial corporations and various categories of finance companies (hire-purchase, investment, housing, loan, mutual benefit/Nidhi and miscellaneous). The definition of interest is substituted to include interest on loans and advances made in India and to expressly include commitment charges on unutilised sanctioned credit and discounts on promissory notes and bills of exchange, while excluding specified items; clause (9) is omitted. en-us Mon, 27 Jan 2025 15:14:51 +0530 Mon, 27 Jan 2025 16:27:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=47919 Amendments to section 2 of the Interest-tax Act insert detailed definitions of credit institution and financial company, enumerating banking companies, cooperative banks, public financial institutions, State financial corporations and various categories of finance companies (hire-purchase, investment, housing, loan, mutual benefit/Nidhi and miscellaneous). The definition of interest is substituted to include interest on loans and advances made in India and to expressly include commitment charges on unutilised sanctioned credit and discounts on promissory notes and bills of exchange, while excluding specified items; clause (9) is omitted. Act-Rules F. Acts / Amendment Acts Mon, 27 Jan 2025 15:14:51 +0530 https://www.taxtmi.com/acts?id=47919