 "Budget 2022-23: Industry seeks tax parity between NBFCs and banks")
Over the years, the RBI has tightened the regulatory framework for non-banking finance corporations, especially for large and deposit-taking ones, and brought it close to what is applicable for banks.
“For example, their interest on NPAs is taxed on accrual basis and not on receipt basis. Their interest income suffers TDS deducted by borrowers, said Sunil Gidwani, partner, Nangia Andersen.
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