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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Professional Tax Deductible as Revenue Expenditure u/s 37(1) of Income Tax Act, Clarifies Circular.</h1> The circular addresses the deductibility of professional tax as a revenue expenditure under section 37(1) of the Income Tax Act. It clarifies that professional tax, levied by local authorities, does not fall under section 40(a)(ii), which disallows deductions for taxes on profits or gains. Professional tax is imposed under entry 60 of List II of the Constitution of India and is not invalidated by its relation to income. The circular concludes that professional tax paid by a business or trade can be deducted under section 37(1), as it is a necessary expense for conducting business within a local authority's jurisdiction.
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