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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. ] 14[Explanation 3.-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” under Explanation 1, shall include and shall be deemed to have always included the expenditure incurred by an assessee,- (i) for any purpose which i .....

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Section 37 - General - Income-tax Act, 1961

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..... ct, 1967, w.e.f. 1-10-1967, the Finance Act, 1968, w.e.f. 1-4-1968, the Finance Act, 1970, w.e.f. 1-4-1970, the Finance Act, 1976, w.e.f. 1-4-1977 and the Finance Act, 1983, w.r.e.f. 1-4-1976/w.e.f. 1-4-1984. Prior to its omission, sub-section (2), as substituted by the Finance Act, 1992, w.e.f. 1-4-1993, and later on amended by the Finance Act, 1994, w.r.e.f. 1-4-1993, read as under : '(2) Notwithstanding anything contained in sub-section (1), any expenditure in the nature of entertainment expenditure incurred by any assessee during any previous year commencing on or after the 1st day of April, 1992 shall be allowed as follows : (a) where the amount of such expenditure does not exceed ten thousand rupees, the whole of such amount; (b) .....

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Section 37 - General - Income-tax Act, 1961

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..... ything contained in sub-section (1), any expenditure incurred by an assessee after the 31st day of March, 1964, on advertisement or on maintenance of any residential accommodation including any accommodation in the nature of a guest-house or in connection with travelling by an employee or any other person (including hotel expenses or allowances paid in connection with such travelling) shall be allowed only to the extent, and subject to such conditions, if any, as may be prescribed." 6. Omitted by the Finance Act, 1985, w.e.f. 1-4-1986. Omitted sub-section (3A) 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) A .....

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Section 37 - General - Income-tax Act, 1961

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..... n the 1st day of April, 1971, or any subsequent assessment year, no allowance shall be made in respect of depreciation of any building used as a guest-house or depreciation of any assets in a guest-house: Provided that the aggregate of the expenditure referred to in clause (i) and the amount of any depreciation referred to in clause (ii) shall, for the purposes of this sub-section, be reduced by the amount, if any, received from persons using the guest-house : Provided further that nothing in this sub-section shall apply in relation to any guest-house maintained as a holiday home if such guest-house- (a) is maintained by an assessee who has throughout the previous year employed not less than one hundred whole-time employees in a business or .....

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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 - Income-tax Act, 1961
  3. Section 44C - Deduction of head office expenditure in the case of non-residents - Income-tax Act, 1961
  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 - Income-tax Act, 1961
  5. Section 44BBA - Special provision for computing profits and gains of the business of operation of aircraft in the case of non-residents - Income-tax Act, 1961
  6. Section 44BB - Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils - Income-tax Act, 1961
  7. Section 44B - Special provision for computing profits and gains of shipping business in the case of non-residents - Income-tax Act, 1961
  8. Section 44AF - Special provisions for computing profits and gains of retail business - Income-tax Act, 1961
  9. Section 44AE - Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages - Income-tax Act, 1961
  10. Section 44ADA - Special provision for computing profits and gains of profession on presumptive basis. - Income-tax Act, 1961
  11. Section 44AD - Special provision for computing profits and gains of business on presumptive basis. - Income-tax Act, 1961
  12. Section 44 - Insurance business - Income-tax Act, 1961
  13. Section 43 - Definitions of certain terms relevant to income from profits and gains of business or profession - Income-tax Act, 1961
  14. Section 40 - Amounts not deductible - Income-tax Act, 1961
  15. Section 36 - Other deductions - Income-tax Act, 1961
  16. Section 35E - Deduction for expenditure on prospecting, etc., for certain minerals - Income-tax Act, 1961
  17. Section 35DDA - Amortisation of expenditure incurred under voluntary retirement scheme - Income-tax Act, 1961
  18. Section 35DD - Amortisation of expenditure in case of amalgamation or demerger - Income-tax Act, 1961
  19. Section 35D - Amortisation of certain preliminary expenses - Income-tax Act, 1961
  20. Section 35CCD - Expenditure on skill development project. - Income-tax Act, 1961
  21. Section 35CCC - Expenditure on agricultural extension project. - Income-tax Act, 1961
  22. Section 35CCB - Expenditure by way of payment to associations and institutions for carrying out programmes of conservation of natural resources - Income-tax Act, 1961
  23. Section 35CCA - Expenditure by way of payment to associations and institutions for carrying out rural development programmes - Income-tax Act, 1961
  24. Section 35AD - Deduction in respect of expenditure on specified business. - Income-tax Act, 1961
  25. Section 35AC - Expenditure on eligible projects or schemes - Income-tax Act, 1961
  26. Section 35ABB - Expenditure for obtaining licence to operate telecommunication services - Income-tax Act, 1961
  27. Section 35ABA - Expenditure for obtaining right to use spectrum for telecommunication services. - Income-tax Act, 1961
  28. Section 35AB - Expenditure on know-how - Income-tax Act, 1961
  29. Section 35A - Expenditure on acquisition of patent rights or copyrights - Income-tax Act, 1961
  30. Section 35 - Expenditure on scientific research - Income-tax Act, 1961
  31. Section 34A - Restriction on unabsorbed depreciation and unabsorbed investment allowance for limited period in case of certain domestic companies - Income-tax Act, 1961
  32. Section 34 - Conditions for depreciation allowance and development rebate - Income-tax Act, 1961
  33. Section 33B - Rehabilitation allowance - Income-tax Act, 1961
  34. Section 33AC - Reserves for shipping business - Income-tax Act, 1961
  35. Section 33ABA - Site Restoration Fund - Income-tax Act, 1961
  36. Section 33AB - Tea development account, coffee development account and rubber development account - Income-tax Act, 1961
  37. Section 33A - Development allowance - Income-tax Act, 1961
  38. Section 33 - Development rebate - Income-tax Act, 1961
  39. Section 32AD - Investment in new plant or machinery in notified backward areas in certain States - Income-tax Act, 1961
  40. Section 32AC - Investment in new plant or machinery. - Income-tax Act, 1961
  41. Section 32AB - Investment deposit account - Income-tax Act, 1961
  42. Section 32A - Investment allowance - Income-tax Act, 1961
  43. Section 32 - Depreciation - Income-tax Act, 1961
  44. Section 31 - Repairs and insurance of machinery, plant and furniture - Income-tax Act, 1961
  45. Section 30 - Rent, rates, taxes, repairs and insurance for buildings - Income-tax Act, 1961
  46. Section 295 - Power to make rules - Income-tax Act, 1961
  47. Section 29 - Income from profits and gains of business or profession, how computed - Income-tax Act, 1961
  48. Section 135 - Corporate Social Responsibility - Companies Act, 2013
  49. Section 115VL - General exclusion of deduction and set off, etc. - Income-tax Act, 1961
  50. Section 115VA - Computation of profits and gains from the business of operating qualifying ships - Income-tax Act, 1961
  51. Section 115AD - Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer - Income-tax Act, 1961
  52. Section 115AC - Tax on income from bonds or Global Depository Receipts purchased in foreign currency or capital gains arising from their transfer - Income-tax Act, 1961
  53. Section 115AB - Tax on income from units purchased in foreign currency or capital gains arising from their transfer - Income-tax Act, 1961
  54. Section 115A - Tax on dividends, royalty and technical service fees in the case of foreign companies - Income-tax Act, 1961
  55. SCHEDULE 01 - INSURANCE BUSINESS - Income-tax Act, 1961
  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