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of <h1>Budget 2023-24: Amendment to Section 94B of Income Tax Act Excludes Certain NBFCs from Interest Deductibility Limits.</h1> The Union Budget 2023-24 proposes an amendment to Section 94B of the Income Tax Act to exclude certain non-banking financial companies (NBFCs) from restrictions on interest deductibility. Currently, Section 94B limits interest deductions for Indian companies or foreign companies' permanent establishments in India when the interest expense exceeds one crore rupees. The amendment aims to align NBFCs with banking and insurance companies, which are already excluded from these restrictions. This change, effective April 1, 2024, will apply to the assessment year 2024-25 onward, allowing specified NBFCs to deduct interest without the current limitations.
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