https://www.taxtmi.com/acts?id=3575 Section 40 disallows deductions for business or professional expenses where tax withholding or equalisation levy obligations have not been complied with: interest, royalties, technical fees and other specified payments to non-residents or certain residents are not deductible unless tax or levy is deducted and paid, with deduction allowed in the year payment of the tax/levy occurs. The section also disallows deductions for fringe benefit tax, taxes on profits, wealth-tax and certain sums levied or appropriated by State Government undertakings, and contains specific limits and conditions governing partner/member remuneration and interest for firms and associations. en-us Sat, 19 Jan 2008 22:45:54 +0530 Wed, 27 Aug 2025 16:44:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3575 Section 40 disallows deductions for business or professional expenses where tax withholding or equalisation levy obligations have not been complied with: interest, royalties, technical fees and other specified payments to non-residents or certain residents are not deductible unless tax or levy is deducted and paid, with deduction allowed in the year payment of the tax/levy occurs. The section also disallows deductions for fringe benefit tax, taxes on profits, wealth-tax and certain sums levied or appropriated by State Government undertakings, and contains specific limits and conditions governing partner/member remuneration and interest for firms and associations. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3575