Contribution definition clarified: repayments excluded and eligible recipients expanded under amended income tax provision. The amendment removes a prior monetary-cap phrase from the clause on eligible deductions, extends eligible recipients to include public sector companies, ... Summary
Contribution definition clarified: repayments excluded and eligible recipients expanded under amended income tax provision.
The amendment removes a prior monetary-cap phrase from the clause on eligible deductions, extends eligible recipients to include public sector companies, universities established by law, affiliated colleges and local authorities in addition to public companies, and expressly excludes loan repayments from the statutory definition of "contribution" so that such repayments are not treated as deductible contributions.
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