TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Finance Bill 2024 Amends Section 37: Legal Settlement Costs Non-Deductible for Business Income from April 2025</h1> Clause 13 of the Finance (No. 2) Bill, 2024 proposes an amendment to section 37 of the Income-tax Act. This amendment modifies Explanation 3 in sub-section (1), clause (iii), by replacing 'outside India' with a provision that includes expenditures to settle proceedings related to legal contraventions as notified by the Central Government. This change clarifies that such expenditures are not deductible when computing business or professional income. The amendment will be effective from April 1, 2025, applicable to the assessment year 2025-2026 and onwards.
TaxTMI 
TaxTMI 
