Non-Banking Financial Company (NBFC) categorization

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..... Banking Financial Company and Systemically Important Non-Deposit taking Non-Banking Financial Company shall be allowed as deduction on payment basis. It can be allowed on accrual basis if it is actually paid on or before the due date of furnishing the return of income of the relevant previous year. 2. Section 43D of the Act provides, inter-alia, for special provision in case of income of deposi .....

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..... serve Bank of India for the purposes of asset classification. 4. In view of the above, it is proposed to amend section 43B and section 43D of the Act, to substitute the words, a deposit taking non-banking financial company or systemically important non-deposit taking non-banking financial company , for the words such class of non-banking financial companies as may be notified by the Central G .....

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