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of <h1>Finance Act 2022 amends Section 14A of the Income-tax Act; clarifies applicability to related expenditures without accrued income.</h1> Section 14A of the Income-tax Act has been amended by the Finance Act, 2022. The amendment modifies sub-section (1) by replacing the phrase 'For the purposes of' with 'Notwithstanding anything to the contrary contained in this Act, for the purposes of.' Additionally, an Explanation is added to clarify that the provisions of this section apply, and are deemed to have always applied, in cases where income not forming part of the total income has not accrued, arisen, or been received during the relevant previous year, but related expenditure has been incurred.
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