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of <h1>Amendment to Income-tax Act Section 37: CSR Expenses Non-Deductible for Business Tax Calculations from April 2015 Onward.</h1> Clause 13 of the Finance (No. 2) Bill, 2014 amends section 37 of the Income-tax Act, introducing a new Explanation regarding corporate social responsibility (CSR) expenditure. Effective from April 1, 2015, the amendment clarifies that expenditures related to CSR activities, as outlined in section 135 of the Companies Act, 2013, will not be considered as business or professional expenses for tax purposes. This means such CSR expenditures cannot be deducted when computing taxable income under 'Profits and gains of business or profession' for the assessment year 2015-16 and subsequent years.
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