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of <h1>Amendment to Section 35B: Excludes India-based expenses for overseas goods distribution, supply, or services. Retroactive application.</h1> Section 35B of the Income-tax Act has been amended by the Finance Act, 1970. Specifically, sub-clause (iii) of clause (b) in sub-section (1) has been replaced. The new provision addresses the distribution, supply, or provision of goods, services, or facilities outside India. It excludes expenditure incurred within India related to these activities or costs incurred for transporting goods to their destination outside India or for insuring goods while in transit. This amendment is retroactively applicable, meaning it is considered as always having been part of the law.
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