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of <h1>Business Expenses Must Be Wholly, Exclusively, and Legally Incurred for Tax Deduction Under Section 37</h1> Section 37 of the Income Tax Act, 1961 governs the deductibility of business expenditures. It allows expenses that are wholly and exclusively incurred for business purposes, excluding capital or personal expenses. The provision explicitly disallows deductions for expenditures related to illegal activities, offenses, or corporate social responsibility activities. The section clarifies that expenses violating legal provisions, providing prohibited benefits, compounding offenses, or settling legal proceedings are not tax-deductible. Additionally, the section restricts deductions for political party advertisement expenditures.
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