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of <h1>Finance Bill 2014 Amends Income-tax Act: New Deduction Rules for Unpaid Taxes, Effective April 2015</h1> Clause 14 of the Finance (No. 2) Bill, 2014 proposes amendments to section 40 of the Income-tax Act, concerning non-deductible amounts in computing business income. The amendments specify that disallowance of deductions will occur if taxes are not paid by the return filing due date under section 139(1). For sub-clause (i), deductions will now be allowed in the year taxes are paid, even if deducted later. Sub-clause (ia) is amended to limit disallowance to 30% of sums payable to residents, with similar provisions for tax payment timing. These changes apply from April 1, 2015, affecting the 2015-16 assessment year onward.
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