Section 37(1) - General clause of Deductions

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.... in the nature of personal expenses of the assessee and iii. it is laid out wholly and exclusively for the purposes of the business or profession of the assessee iv. the expenditure should have been incurred during the previous year. EXPLANATION 1 TO SECTION 37(1): Illegal Payments  Any expenditure incurred by an assessee for any purpose which is an offence or which is prohibited by la....

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....s, if any, specified therein. EXPLANATION 3 TO SECTION 37(1) :- Expenditure incurred by an assessee for any purpose which is an offence or which is prohibited by law [ W.e.f. 01.04.2022 Inserted by Finance Act, 2022 ] For the removal of doubts, it is hereby clarified that the expression "expenditure incurred by an assessee for any purpose which is an offence or which is prohibited by law" ....