Incentives to Non-Banking Finance Companies (NBFCs)

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Full Text of the Document

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.... corporations or companies, shall be chargeable to tax in the previous year in which it is credited to its profit and loss account actually received, whichever is earlier. This provision is an exception to the accrual system of accounting which is regularly followed by such assessees for computation of total income. The benefit of this provision is presently available to public financial instituti....