Amendment of section 94B.

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..... ial 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; . - Clause 47 of the Bill seeks to amend section 94B of the Income-tax Act relating to limitation on i .....

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..... . It is proposed to amend sub-section (3) of the said section so as to provide that the provision of said section shall not apply to such class of non-banking financial companies as may be notified by the Central Government in the Official Gazette in this behalf. It is further proposed to define the expression non-banking financial company . These amendments will take effect from 1st April, 2024 a .....

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