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of <h1>No Deductions Allowed for Expenses on Exempt Income: Section 14A of Income-tax Act Explained.</h1> Section 14A was introduced to the Income-tax Act by the Finance Act, 2001, effective from April 1, 1962. It specifies that when calculating total income, no deductions are permitted for expenses incurred in relation to income that is not included in the total income under the Act. This provision aims to prevent taxpayers from claiming deductions for expenditures related to exempt income.
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