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of <h1>Amendment to Section 40A limits gratuity and interest deductions; defines banking, deposit, and financial company exclusions.</h1> The amendment to Section 40A of the Income-tax Act, effective from April 1, 1973, restricts deductions for provisions made by an assessee for gratuity payments upon employee retirement or termination. Exceptions include contributions to approved gratuity funds and provisions made for specific years under certain conditions, such as actuarial valuations and fund creation. Additionally, from April 1, 1976, companies, excluding banking and financial entities, cannot deduct 15% of interest expenditure on deposits. The amendment defines 'banking company,' 'deposit,' and 'financial company,' outlining exclusions for various deposit sources and financial activities.
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