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of <h1>Finance Act 1970 Updates: Section 37 Amended to Restrict Entertainment and Guest House Expense Allowances Post-February 1970</h1> The Finance Act, 1970 amends Section 37 of the Income-tax Act by modifying the explanation in sub-section (2A) to include sub-section (2B). Sub-section (2B) prohibits allowances for entertainment expenses incurred in India after February 28, 1970. Additionally, sub-section (4) disallows allowances for expenses on maintaining guest houses and depreciation of guest house assets after February 28, 1970. Exceptions exist for guest houses maintained as holiday homes by assessees with over 100 full-time employees, intended exclusively for employee use during leave. Guest houses include accommodations hired for over 182 days in a year, with maintenance expenses covering rent for hired accommodations.
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