Tax provision amendment: removal of National Housing Bank references in income recognition rules for housing finance companies. Amendment proposes deleting references to the National Housing Bank in section 43D, removing the clause on public companies engaged in housing finance and ... Summary
Tax provision amendment: removal of National Housing Bank references in income recognition rules for housing finance companies.
Amendment proposes deleting references to the National Housing Bank in section 43D, removing the clause on public companies engaged in housing finance and related explanations that linked recognition of interest income on prescribed bad or doubtful debts to NHB guidelines, and aligning tax text with the regulatory transfer of housing finance companies to the Reserve Bank of India; the amendment is effective from 1 April 2025 and applies to subsequent assessment years.
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