To implement the amendment introduced by the Finance Act of 2023, the CBDT issued Notification No. 79/2023 and Notification No. 80/2023, both dated September 22, 2023. These notifications have classified all Non-Banking Financial Companies (“NBFCs”) into Top Layer, Upper Layer, and Middle Layers for the purpose of complying with Section 43B and Section 43D of the Income Tax Act, 1961.
The Notifications can be accessed at: Notification No. 79/2023 and Notification No. 80/2023