Clause 28 - Amendment of section 94B. - Finance (No. 2) Bill, 2024

Amendment of section 94B. 28. In section 94B of the Income-tax Act, with effect from the 1st day of April, 2025, (a) in sub-section (3), after the words banking or insurance , the words or a Finance Company located in any International Financial Services Centre, shall be inserted; (b) in sub-section (5), after clause (iii), the following clauses shall be inserted, namely: (iv) Finance Company means a finance company as defined in clause (e) of sub-regulation (1) of regulation 2 of the International Financial Services Centres Authority (Finance Company) Regulations, 2021 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019.) and which satisfies such conditions and carries on such activities, as may be prescribed; (v) International Financial Services Centre shall have the meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005.). .