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of <h1>Income-tax Act Section 37 updated: New clause disallows deductions for certain settlements. Effective April 1, 2025.</h1> Section 37 of the Income-tax Act has been amended by the Finance (No. 2) Act, 2024. In sub-section (1), Explanation 3, clause (iii), the phrase 'outside India.' is replaced with 'outside India; or (iv) to settle proceedings initiated in relation to contravention under such law as may be notified by the Central Government in the Official Gazette in this behalf.' This amendment will take effect from April 1, 2025, and pertains to the conditions under which certain expenditures are disallowed for tax deduction purposes.
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