Incentives to Non-Banking Finance Companies (NBFCs)

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..... ertain institutions or banks or corporations or companies, shall be chargeable to tax in the previous year in which it is credited to its profit and loss account actually received, whichever is earlier. This provision is an exception to the accrual system of accounting which is regularly followed by such assessees for computation of total income. The benefit of this provision is presently availabl .....

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..... before the due date of furnishing the return of income of the relevant previous year. These amendments will take effect from 1st April, 2020 and will, accordingly, apply in relation to the assessment year 2020-21 and subsequent years. [Clauses 13 15] - FAQ - Frequently Asked Questions, TMI Short Notes , Experts comment, opinion Tax Mana .....

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