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Section28
The Finance Act, 2024 (No. 2)

Amendment of section 94B

In force As on 09 Oct 2026

Ministry Finance Enacted 16 Aug 2024 Cited by 2 provisions

Section 28 of the Finance Act, 2024 (No. 2) deals with amendment of section 94B. 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; The Act was enacted on 16 Aug 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).'.
Section 28, The Finance Act, 2024 (No. 2).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. Income-tax Act s. 94B Limitation on interest deduction in certain cases

Referred to by 2

  1. s. 11 Amendment of section 28
  2. s. 17 Insertion of new section 44BBC

Questions about Section 28

What does Section 28 of the Finance Act, 2024 (No. 2) deal with?

Section 28 of the Finance Act, 2024 (No. 2) is headed "Amendment of section 94B". 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;

How do I find court cases under Section 28 of the Finance Act, 2024 (No. 2)?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act, 2024 (No. 2) 28, section 28 Finance Act, 2024 (No. 2), section 28 of the Finance Act, 2024 (No. 2). Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 28 of the Finance Act, 2024 (No. 2), and has it changed?

Its own text turns on Income-tax Act 94B (Limitation on interest deduction in certain cases), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.

When was Section 28 of the Finance Act, 2024 (No. 2) enacted?

Section 28 of the Finance Act, 2024 (No. 2), cited as Finance Act, 2024 (No. 2) 28, was enacted on 16 Aug 2024. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.