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of <h1>Amendment to Section 40: Non-deductible Expenses for Interest, Royalties, and Salaries Without Tax Deduction or Payment.</h1> Section 40 of the Income-tax Act is amended by the Finance Act, 2003, effective April 1, 2004. The amendment replaces sub-clause (i) to specify that interest, royalties, fees for technical services, or other sums payable outside India or to a non-resident or foreign company within India, are not deductible unless tax is deducted or paid as prescribed. If tax is deducted or paid later, the sum is deductible in the year of payment. Sub-clause (iii) is also revised to address salary payments outside India or to non-residents, requiring tax deduction or payment under Chapter XVII-B.
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