Interest deduction limitation: proposed carve-out to exclude specified NBFCs from restrictions on interest deductibility under the Act. The Finance Bill proposes to amend the exclusion from the interest deductibility restriction so that nothing in sub section (1) shall apply to: (i) ... Summary
Interest deduction limitation: proposed carve-out to exclude specified NBFCs from restrictions on interest deductibility under the Act.
The Finance Bill proposes to amend the exclusion from the interest deductibility restriction so that nothing in sub section (1) shall apply to: (i) companies engaged in banking or insurance; or (ii) such class of non banking financial companies as may be notified by the Central Government, with "non banking financial company" adopting the Act's established definition and the amendment effective from 1 April 2024.
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