Deductibility of business expenses: settlement payments for notified law contraventions now allowable under amended tax provision. Amendment expands allowable deductions under section 37, Explanation 3 by adding a clause treating payments to settle proceedings for contraventions of ... Summary
Deductibility of business expenses: settlement payments for notified law contraventions now allowable under amended tax provision.
Amendment expands allowable deductions under section 37, Explanation 3 by adding a clause treating payments to settle proceedings for contraventions of laws notified by the Central Government as deductible business expenditure, effective from the 1st day of April, 2025.
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