DEFERRED REVENUE EXPENDITURE ALLOWANCE

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....shall be the amount equal to the appropriate fraction of the amount of such expenditure. 2. The appropriate fraction referred to in paragraph 1 shall be the fraction, the numerator of which is one and the denominator of which is the total number of the financial years specified in column (3) of the said Table against the relevant deferred revenue expenditure. 3. The deferred revenue expendit....

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.... new business, as the case may be. 4. The total amount of deferred revenue expenditure allowable under clause (e) of sub-section (1) of section 37 shall be the aggregate of the amounts under this Schedule. TABLE   Serial Number Nature of deferred revenue expenditure Number of number financial years for which expenditure is allowable (1) (2) (3) 1 Non-compete f....

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....in connection with the extension of the business; or (c) in connection with the setting up of new business, shall be such as may be prescribed having regand to the capital employed in the business and the cost of the project. 6 STATEMENT OF OBJECTS AND REASONS The Income-tax Act, 1961, has been subjected to numerous amendments since its passage fifty years ago. It has been considera....

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....ifficult to decipher by the average tax payer. The Wealth-tax Act, 1957 has also witnessed amendments. The Government, therefore, decided to revise, consolidate and simplify the language and structure of the direct tax laws. A draft Direct Taxes Code along with a Discussion Paper was released in August, 2009 for public comments. It proposed to replace the Income-tax Act, 1961 and the Wealth-tax....