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of <h1>CBDT Clarifies Tatkal Telephone Deposit as Deductible Revenue Expenditure u/s 37(1), Refund Taxable u/s 41(1.</h1> The circular issued by the Central Board of Direct Taxes addresses the treatment of payments made by assessees under the 'Tatkal Telephone Deposit Scheme' for obtaining new telephone connections. It clarifies that the non-interest-bearing deposit of Rs. 30,000, which is partially refundable, can be treated as a revenue expenditure deductible under section 37(1) of the Income-tax Act, 1961, in the year of payment. However, any refunded amount upon surrendering the telephone will be considered income in the year of refund and taxed under section 41(1) of the Act.
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