https://www.taxtmi.com/acts?id=50867 The amendment adds a clause disallowing deductions for interest, salary, bonus, commission or remuneration paid by an association of persons or body of individuals to a member, excluding companies and certain registered societies. Explanations: reciprocal interest payments are netted so only the excess paid by the association is disallowed; payments and receipts in a representative capacity are treated separately with both representative and represented transactions taken into account; and interest received by a member on behalf of another person is excluded when the member is not acting in a representative capacity. en-us Wed, 16 Apr 2025 15:33:59 +0530 Thu, 17 Apr 2025 13:12:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=50867 The amendment adds a clause disallowing deductions for interest, salary, bonus, commission or remuneration paid by an association of persons or body of individuals to a member, excluding companies and certain registered societies. Explanations: reciprocal interest payments are netted so only the excess paid by the association is disallowed; payments and receipts in a representative capacity are treated separately with both representative and represented transactions taken into account; and interest received by a member on behalf of another person is excluded when the member is not acting in a representative capacity. Act-Rules F. Acts / Amendment Acts Wed, 16 Apr 2025 15:33:59 +0530 https://www.taxtmi.com/acts?id=50867