Deductibility of settlement payments excluded, preventing business expense claims for amounts paid to settle contraventions under notified laws. The amendment clarifies that expenditure incurred to settle proceedings relating to a contravention under any law, as notified by the Central Government, ... Summary
Deductibility of settlement payments excluded, preventing business expense claims for amounts paid to settle contraventions under notified laws.
The amendment clarifies that expenditure incurred to settle proceedings relating to a contravention under any law, as notified by the Central Government, falls within the definition of expenditure "for any purpose which is an offence or which is prohibited by law" and therefore shall not be allowable as a deduction for business or profession.
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