https://www.taxtmi.com/acts?id=47044 Amendments require the deduction under section 32AB to be allowed before set off of carried forward losses and exclude that deduction from the income computation of partners or members of firms, associations or bodies of individuals. Definitions for qualifying "new" assets are broadened to include previously used foreign assets imported into India under specified conditions. Book profit add backs are expanded to a detailed list of items. Deposits are subject to a five year lock in with specific exceptions, and expenditure from those deposits is disallowed for computing business or professional income; utilisation timing under the scheme is made mandatory. en-us Tue, 07 Jan 2025 11:57:55 +0530 Tue, 07 Jan 2025 11:57:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=47044 Amendments require the deduction under section 32AB to be allowed before set off of carried forward losses and exclude that deduction from the income computation of partners or members of firms, associations or bodies of individuals. Definitions for qualifying "new" assets are broadened to include previously used foreign assets imported into India under specified conditions. Book profit add backs are expanded to a detailed list of items. Deposits are subject to a five year lock in with specific exceptions, and expenditure from those deposits is disallowed for computing business or professional income; utilisation timing under the scheme is made mandatory. Act-Rules F. Acts / Amendment Acts Tue, 07 Jan 2025 11:57:55 +0530 https://www.taxtmi.com/acts?id=47044