https://www.taxtmi.com/acts?id=46388 The amendment bars deduction for provisions for employee gratuity except where contributions are made to an approved gratuity fund or gratuities become payable; a transitional allowance for certain prior provisions is permitted up to the admissible amount when supported by an actuarial valuation, creation of an approved irrevocable trust fund with timely application, and staged contributions by specified deadlines. It also imposes a disallowance on a portion of interest expense incurred by non-banking, non-financial companies on deposits, while elaborating exclusions from the term "deposit" and defining categories of financial companies. en-us Thu, 19 Dec 2024 17:02:42 +0530 Thu, 19 Dec 2024 17:02:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=46388 The amendment bars deduction for provisions for employee gratuity except where contributions are made to an approved gratuity fund or gratuities become payable; a transitional allowance for certain prior provisions is permitted up to the admissible amount when supported by an actuarial valuation, creation of an approved irrevocable trust fund with timely application, and staged contributions by specified deadlines. It also imposes a disallowance on a portion of interest expense incurred by non-banking, non-financial companies on deposits, while elaborating exclusions from the term "deposit" and defining categories of financial companies. Act-Rules F. Acts / Amendment Acts Thu, 19 Dec 2024 17:02:42 +0530 https://www.taxtmi.com/acts?id=46388