Section 48 - Amendment of section 94B. - Finance Act, 2023

Amendment of section 94B. 48. In section 94B of the Income-tax Act, with effect from the 1st day of April, 2024, (i) in sub-section (3), after the words banking or insurance , the words or such class of non-banking financial companies as may be notified by the Central Government in the Official Gazette in this behalf shall be inserted; (ii) in sub-section (5), after clause (ii), the following clause shall be inserted, namely: '(iia) non-banking financial company shall have the meaning assigned to it in clause (vii) of the Explanation to clause (viia) of sub-section (1) of section 36;'.