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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income-tax Act Section 37 Amended: Limits on Advertising Deductions, Exemptions for Small Newspapers and New Industries</h1> Section 37 of the Income-tax Act is amended to introduce sub-section (3A), effective April 1, 1979, which limits deductions for advertisement, publicity, and sales promotion expenses exceeding forty thousand rupees. The allowable deduction is based on a percentage of these expenses relative to turnover or gross receipts. Sub-section (3B) exempts certain expenses from these restrictions, including advertisements in small newspapers, recruitment ads, and participation in trade events. Sub-section (3C) clarifies that entertainment expenses related to advertising are not affected by (3A). Sub-section (3D) provides exemptions for new industrial undertakings in their initial years of production.
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