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of <h1>Understanding Finance Charges in Business Income: Clause 36 of Direct Taxes Code 2010 Explained</h1> Clause 36 of the Direct Taxes Code, 2010, outlines the determination of finance charges related to business income. It specifies that finance charges include interest paid on borrowed capital, trade creditors, and participants in unincorporated bodies, along with incidental financial charges and discounts on bonds or debentures. Exclusions from finance charges include interest on capital for asset acquisition before use, charges for issuing convertible debentures or share capital, and interest under the Micro, Small and Medium Enterprises Development Act. Interest payable to financial institutions is deductible when paid or accrued, but converted interest is not considered paid. 'Capital borrowed' includes certain periodic subscriptions in mutual benefit finance companies.
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