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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 40: Non-deductible Payments Without Tax Deduction, Deductible Upon Later Tax Payment</h1> The amendment to section 40 of the Income-tax Act, effective April 1, 2005, revises the treatment of certain payments. It specifies that interest, royalties, fees for technical services, and other sums payable outside India or to non-residents in India are not deductible if the required tax has not been deducted or paid. If tax is deducted in a later year, the sum is deductible in that year. Similar rules apply to payments to residents for professional services or contract work. Definitions for terms like 'royalty,' 'fees for technical services,' and 'commission' are provided, and securities transaction tax payments are addressed.
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