Deduction rules amended: non cash payment requirement and capped special reserve allowances redefine allowable business deductions. Amendments to Section 36 expand permissible non cash payment modes for deductions, insert co operative banks (excluding certain primary societies) into coverage, and introduce a capped special reserve allowance for specified entities derived from eligible business profits, with detailed definitions of specified entities and eligible business. Other changes omit a prior clause, replace a clause permitting statutory corporations' non capital expenditure deductions, and permit public financial institutions' contributions to specified credit guarantee funds to qualify as deductible.
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Deduction rules amended: non cash payment requirement and capped special reserve allowances redefine allowable business deductions.
Amendments to Section 36 expand permissible non cash payment modes for deductions, insert co operative banks (excluding certain primary societies) into coverage, and introduce a capped special reserve allowance for specified entities derived from eligible business profits, with detailed definitions of specified entities and eligible business. Other changes omit a prior clause, replace a clause permitting statutory corporations' non capital expenditure deductions, and permit public financial institutions' contributions to specified credit guarantee funds to qualify as deductible.
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