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of <h1>Income Tax Bill 2025: Clause 32 Overhauls Business Deductions, Boosts Economic Growth and Investment</h1> Clause 32 of the Income Tax Bill, 2025, introduces significant changes in business income deductions, aiming to streamline and clarify allowable expenses under 'Profits and Gains of Business or Profession.' This clause includes new deductible categories and refines existing ones, focusing on economic growth, investment in infrastructure, and employee welfare. It emphasizes financial planning and compliance, with specific provisions for bonuses, interest on borrowed capital, and contributions to the Credit Guarantee Fund. Compared to Section 40A of the Income Tax Act, 1961, Clause 32 shifts from disallowance to facilitation, reflecting policy changes towards economic incentives and standardized financial reporting.
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