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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Corporate Tax Deductions Capped at 70% with Sequential Allocation and Carry-Forward Provisions Under New Income-tax Act Amendment</h1> The statutory provision introduces a new Chapter VI-B in the Income-tax Act, restricting certain deductions for companies. It limits the aggregate deductions under specified sections to 70% of the pre-incentive total income. The deductions will be allowed in a sequential order as listed, with any unallowed amount carried forward to subsequent assessment years. This provision aims to regulate and standardize tax deductions for corporate entities.
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