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Home Acts & Rules Income Tax Act Income-tax Act, 1961 Chapters List Part D Profits and gains of business or profession This
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Section 37 - General - Income-tax Act, 1961

Extract

..... e.] 13[Explanation 2.-For the removal of doubts, it is hereby declared that for the purposes of sub-section (1), any expenditure incurred by an assessee on the activities relating to corporate social responsibility referred to in section 135 of the Companies Act, 2013 (18 of 2013) shall not be deemed to be an expenditure incurred by the assessee for the purposes of the business or profession. ] (2) 3[* * *] 4[ (2B) Notwithstanding anything contained in sub-section (1), no allowance shall be made in respect of expenditure incurred by an assessee on advertisement in any souvenir, brochure, tract, pamphlet or the like published by a political party.] (3) 5[* * *] (3A) 6[* * *] (3B) 7[* * *] (3C) 8[* * *] (3D) 9[* * *] (4) 10[* * *] (5) 11[* * .....

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Section 37 - General - Income-tax Act, 1961

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..... of this sub-section, "entertainment expenditure" includes- (i) the amount of any allowance in the nature of entertainment allowance paid by the assessee to any employee or other person; (ii) the amount of any expenditure in the nature of entertainment expenditure [not being expenditure incurred out of an allowance of the nature referred to in clause (i)] incurred for the purposes of the business or profession of the assessee by any employee or other person; (iii) expenditure on provision of hospitality of every kind by the assessee to any person, whether by way of provision of food or beverages or in any other manner whatsoever and whether or not such provision is made by reason of any express or implied contract or custom or usag .....

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Section 37 - General - Income-tax Act, 1961

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..... l sub-section was inserted by the Finance Act, 1978, w.e.f. 1-4-1979, and was later omitted by the Finance (No. 2) Act, 1980, w.e.f. 1-4-1981. 8. Omitted by the Finance Act, 1985, w.e.f. 1-4-1986. Omitted sub-section (3C) was inserted by the Finance Act, 1983, w.e.f. 1-4-1984. Original sub-section was inserted by the Finance Act, 1978, w.e.f. 1-4-1979, and was later omitted by the Finance (No. 2) Act, 1980, w.e.f. 1-4-1981. 9. Omitted by the Finance Act, 1985, w.e.f. 1-4-1986. Omitted sub-section (3D) was inserted by the Finance Act, 1983, w.e.f. 1-4-1984. Original sub-section was inserted by the Finance Act, 1978, w.e.f. 1-4-1979, and was later omitted by the Finance (No. 2) Act, 1980, w.e.f. 1-4-1981. 10. Omitted by the Finance Act, 1997, .....

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Section 37 - General - Income-tax Act, 1961

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..... ntial accommodation in the nature of a guest-house shall include accommodation hired or reserved by the assessee in a hotel for a period exceeding one hundred and eighty-two days during the previous year; and (ii) the expenditure incurred on the maintenance of a guest-house shall, in a case where the residential accommodation has been hired by the assessee, include also the rent paid in respect of such accommodation.' 11. Omitted by the Finance Act, 1997, w.e.f. 1-4-1998. Prior to its omission, sub-section (5), as inserted by the Finance Act, 1983, w.r.e.f. 1-4-1979, read as under : "(5) For the removal of doubts, it is hereby declared that any accommodation, by whatever name called, maintained, hired, reserved or otherwise arrange .....

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Section 37 - General - Income-tax Act, 1961

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  1. Companies Act, 2013
  2. Section 44D - Special provisions for computing income by way of royalties, etc., in the case of foreign companies
  3. Section 44C - Deduction of head office expenditure in the case of non-residents
  4. Section 44BBB - Special provision for computing profits and gains of foreign companies engaged in the business of civil construction, etc., in certain turnkey power projects
  5. Section 44BBA - Special provision for computing profits and gains of the business of operation of aircraft in the case of non-residents
  6. Section 44BB - Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils
  7. Section 44B - Special provision for computing profits and gains of shipping business in the case of non-residents
  8. Section 44AF - Special provisions for computing profits and gains of retail business
  9. Section 44AE - Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages
  10. Section 44ADA - Special provision for computing profits and gains of profession on presumptive basis.
  11. Section 44AD - Special provision for computing profits and gains of business on presumptive basis.
  12. Section 44 - Insurance business
  13. Section 43 - Definitions of certain terms relevant to income from profits and gains of business or profession
  14. Section 40 - Amounts not deductible
  15. Section 36 - Other deductions
  16. Section 35E - Deduction for expenditure on prospecting, etc., for certain minerals
  17. Section 35DDA - Amortisation of expenditure incurred under voluntary retirement scheme
  18. Section 35DD - Amortisation of expenditure in case of amalgamation or demerger
  19. Section 35D - Amortisation of certain preliminary expenses
  20. Section 35CCD - Expenditure on skill development project.
  21. Section 35CCC - Expenditure on agricultural extension project.
  22. Section 35CCB - Expenditure by way of payment to associations and institutions for carrying out programmes of conservation of natural resources
  23. Section 35CCA - Expenditure by way of payment to associations and institutions for carrying out rural development programmes
  24. Section 35AD - Deduction in respect of expenditure on specified business.
  25. Section 35AC - Expenditure on eligible projects or schemes
  26. Section 35ABB - Expenditure for obtaining licence to operate telecommunication services
  27. Section 35ABA - Expenditure for obtaining right to use spectrum for telecommunication services.
  28. Section 35AB - Expenditure on know-how
  29. Section 35A - Expenditure on acquisition of patent rights or copyrights
  30. Section 35 - Expenditure on scientific research
  31. Section 34A - Restriction on unabsorbed depreciation and unabsorbed investment allowance for limited period in case of certain domestic companies
  32. Section 34 - Conditions for depreciation allowance and development rebate
  33. Section 33B - Rehabilitation allowance
  34. Section 33AC - Reserves for shipping business
  35. Section 33ABA - Site Restoration Fund
  36. Section 33AB - Tea development account, coffee development account and rubber development account
  37. Section 33A - Development allowance
  38. Section 33 - Development rebate
  39. Section 32AD - Investment in new plant or machinery in notified backward areas in certain States
  40. Section 32AC - Investment in new plant or machinery.
  41. Section 32AB - Investment deposit account
  42. Section 32A - Investment allowance
  43. Section 32 - Depreciation
  44. Section 31 - Repairs and insurance of machinery, plant and furniture
  45. Section 30 - Rent, rates, taxes, repairs and insurance for buildings
  46. Section 295 - Power to make rules
  47. Section 29 - Income from profits and gains of business or profession, how computed
  48. Section 135 - Corporate Social Responsibility
  49. Section 115VL - General exclusion of deduction and set off, etc.
  50. Section 115VA - Computation of profits and gains from the business of operating qualifying ships
  51. Section 115AD - Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer
  52. Section 115AC - Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer
  53. Section 115AB - Tax on income from units purchased in foreign currency or capital gains arising from their transfer
  54. Section 115A - Tax on dividends, royalty and technical service fees in the case of foreign companies
  55. SCHEDULE 01 - INSURANCE BUSINESS
  56. Manual - Section 40A(7) - Provision for payment of Gratuity
  57. Manual - Section 37(2B) - Payment made to Political Party
  58. Manual - Section 37(1) - General clause of Deductions

 

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