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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Payments for 'Own Your Own Telephone Scheme' are deductible business expenses, not deposits, u/s 37(1) of Income-tax Act.</h1> The Board has clarified that payments made under the 'Own Your Own Telephone Scheme' are considered advance payments for telephone connection rent, not deposits. These payments can be deducted as business expenses under section 37(1) of the Income-tax Act, 1961. Subscribers can claim the entire payment in the year it is made or proportion it over the relevant years. If the telephone installation occurs in a subsequent year, the deduction is still allowed in the year of payment. If the telephone is never installed and the payment is refunded, it will be taxed under section 41(1) upon receipt.
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