https://www.taxtmi.com/manuals?id=4535 Section 36 of the Income-tax Act, 2025 overrides contrary provisions governing the computation of business or professional income. It disallows only the portion of expenditure paid or payable to a specified person that is considered excessive or unreasonable by reference to fair market value, legitimate business needs or the benefit derived. Payments to a person in a day exceeding Rs.10,000, or Rs.35,000 for plying, hiring or leasing goods carriages, are subject to disallowance if not made through specified banking or online modes, subject to prescribed exceptions. Under section 99(3), income from an individual's separate property converted into HUF property is attributed to the individual rather than the HUF where the conversion occurs by impressing it with family character, throwing it into the common stock or transferring it directly or indirectly without adequate consideration. en-us Mon, 13 May 2024 18:18:00 +0530 Fri, 13 Nov 2026 11:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=4535 Section 36 of the Income-tax Act, 2025 overrides contrary provisions governing the computation of business or professional income. It disallows only the portion of expenditure paid or payable to a specified person that is considered excessive or unreasonable by reference to fair market value, legitimate business needs or the benefit derived. Payments to a person in a day exceeding Rs.10,000, or Rs.35,000 for plying, hiring or leasing goods carriages, are subject to disallowance if not made through specified banking or online modes, subject to prescribed exceptions. Under section 99(3), income from an individual's separate property converted into HUF property is attributed to the individual rather than the HUF where the conversion occurs by impressing it with family character, throwing it into the common stock or transferring it directly or indirectly without adequate consideration. Manuals Income Tax Mon, 13 May 2024 18:18:00 +0530 https://www.taxtmi.com/manuals?id=4535