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of <h1>Tax Deductions Decoded: Business Expenses Must Be Wholly, Exclusively, and Legally Compliant Under Section 37(1)</h1> A legal provision detailing deduction conditions under Income Tax Section 37(1). Expenditures are allowable if they are: not capital or personal expenses, wholly and exclusively for business purposes, and incurred during the previous year. Specific exclusions include illegal payments, prohibited transactions, and corporate social responsibility expenses. The provision clarifies that expenditures violating legal standards or involving offenses are not deductible, encompassing both domestic and international legal contexts.
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