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of <h1>Finance Bill 2022 amends Income-tax Act, section 40: Surcharges and cesses now non-deductible from April 1, 2005.</h1> Clause 13 of the Finance Bill, 2022 amends section 40 of the Income-tax Act concerning non-deductible amounts. It introduces Explanation 3 to sub-clause (ii) of clause (a), clarifying that the term 'tax' includes any surcharge or cess, regardless of its name, on such tax. This amendment is retroactively effective from April 1, 2005, and applies to the assessment year 2005-2006 onwards. The provision ensures that surcharges or cesses are considered part of the tax for the purpose of determining non-deductible sums related to business or professional profits or gains.
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