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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Understanding Deductions: Clause 34 of Direct Taxes Code Bill, 2009 on Finance Charges and Borrowed Capital</h1> Clause 34 of the Direct Taxes Code Bill, 2009, outlines deductions for permitted finance charges in the computation of total income from business. It specifies that deductible charges include interest on borrowed capital, trade creditors, and participants, charges for unused credit facilities, incidental financial charges, and discounts or premiums on bonds or debentures. However, deductions exclude charges related to capital assets before business commencement or asset use, and incidental charges for issuing financial instruments. Interest on capital borrowed from permitted institutions is deductible when paid or accrued, but not if converted into a loan. 'Capital borrowed' includes recurring subscriptions from shareholders in Mutual Benefit Societies.
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