https://www.taxtmi.com/acts?id=43556 Amendment expands the Explanation to the general deduction rule to treat payments made to settle proceedings in relation to contraventions under laws notified by the Central Government as expenditure "incurred for any purpose which is an offence or which is prohibited by law", thereby excluding such settlement payments from deductions when computing income under the head "profits and gains of business or profession"; effective 1st April, 2025 and applicable for assessment year 2025-2026 onward. en-us Tue, 23 Jul 2024 15:30:23 +0530 Tue, 23 Jul 2024 15:30:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=43556 Amendment expands the Explanation to the general deduction rule to treat payments made to settle proceedings in relation to contraventions under laws notified by the Central Government as expenditure "incurred for any purpose which is an offence or which is prohibited by law", thereby excluding such settlement payments from deductions when computing income under the head "profits and gains of business or profession"; effective 1st April, 2025 and applicable for assessment year 2025-2026 onward. Act-Rules Bills Tue, 23 Jul 2024 15:30:23 +0530 https://www.taxtmi.com/acts?id=43556