# The Finance Act, 2023, Section 48: Amendment of section 94B

- Act: The Finance Act, 2023 (Act 8 of 2023)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2023/section/48/

## Text

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;'.

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