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of <h1>Amendment to Finance Act 2022: 'Tax' in Section 40 Includes Surcharge or Cess, Retroactive to April 1, 2005.</h1> In the Finance Act, 2022, an amendment was made to section 40 of the Income-tax Act. Specifically, in clause (a), sub-clause (ii), a new Explanation 3 was inserted. This explanation clarifies that the term 'tax' in this context includes any surcharge or cess, regardless of its name. This clarification is retroactively effective from April 1, 2005, ensuring that surcharges or cesses have always been considered part of the tax under this provision.
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