Limit on entertainment expenditure deductions imposed with tiered profit bands and proportional transitional apportionment for split years. New sub section limits entertainment expenditure deductions for previous years ending after 30 September 1967 by prescribing a ceiling computed across profit bands with proportional apportionment where a year straddles that date; transitional rules treat companies and other assessees differently. The Amendment also substitutes higher statutory percentage rates in multiple provisions and replaces the Explanation to section 280X to define the annuity deposit required to be made as the lesser of Finance Act computed amounts and a tiered specified amount calculated by income bands on adjusted total income.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Limit on entertainment expenditure deductions imposed with tiered profit bands and proportional transitional apportionment for split years.
New sub section limits entertainment expenditure deductions for previous years ending after 30 September 1967 by prescribing a ceiling computed across profit bands with proportional apportionment where a year straddles that date; transitional rules treat companies and other assessees differently. The Amendment also substitutes higher statutory percentage rates in multiple provisions and replaces the Explanation to section 280X to define the annuity deposit required to be made as the lesser of Finance Act computed amounts and a tiered specified amount calculated by income bands on adjusted total income.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
