Case Laws
Acts
Notifications
Circulars
Classification
Forms
Manuals
Articles
News
D. Forum
Highlights
Notes
🚨 Important Update for Our Users
We are transitioning to our new and improved portal - www.taxtmi.com - for a better experience.
⚠️ This portal will be discontinued soon
Home
Section 40 - Amounts not deductible - Income-tax Act, 1961Extract Amounts not deductible. 40. Notwithstanding anything to the contrary in sections 30 to 1 [ 38 ] , the following amounts shall not be deducted in computing the income chargeable under the head Profits and gains of business or profession ,- ( a ) in the case of any assessee- 2 [ ( i ) any interest (not being interest on a loan issued for public subscription before the 1st day of April, 1938), royalty, fees for technical services or other sum chargeable under this Act, which is payable,- ( A ) outside India; or ( B ) in India to a non-resident, not being a company or to a foreign company, on which tax is deductible at source under Chapter XVII-B and such tax has not been deducted or, after deduction, has not been paid 22 [ on or before the due date specified in sub-section (1) of section 139 ] 23 [Provided that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in sub-section (1) of section 139, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid. ] 27 [Provided further that where an assessee fails to deduct the whole or any part of the tax in accordance with the provisions of Chapter XVII-B on any such sum but is not deemed to be an assessee in default under the first proviso to sub-section (1) of section 201, then, for the purposes of this sub-clause, it shall be deemed that the assessee has deducted and paid the tax on such sum on the date of furnishing of return of income by the payee referred to in the said proviso; ] Explanation. -For the purposes of this sub-clause,- ( A ) royalty shall have the same meaning as in Explanation 2 to clause ( vi ) of sub-section (1) of section 9; ( B ) fees for technical services shall have the same meaning as in Explanation 2 to clause ( vii ) of sub-section (1) of section 9; ( ia ) 24 [ thirty percent. of any sum payable to a resident ] , on which tax is deductible at source under Chapter XVII-B and such tax has not been deducted or, after deduction, 16 [ has not been paid on or before the due date specified in sub-section (1) of section 139 ] ,- 17 [ Provided that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in sub-section (1) of section 139, 25 [ thirty per cent. of ] such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid. ] 20 [Provided further that where an assessee fails to deduct the whole or any part of the tax in accordance with the provisions of Chapter XVII-B on any such sum but is not deemed to be an assessee in default under the first proviso to sub-section (1) of section 201, then, for the purpose of this sub-clause, it shall be deemed that the assessee has deducted and paid the tax on such sum on the date of furnishing of return of income by the 28 [****] payee referred to in the said proviso. ] Explanation. -For the purposes of this sub-clause,- ( i ) commission or brokerage shall have the same meaning as in clause ( i ) of the Explanation to section 194H; ( ii ) fees for technical services shall have the same meaning as in Explanation 2 to clause ( vii ) of sub-section (1) of section 9; ( iii ) professional services shall have the same meaning as in clause ( a ) of the Explanation to section 194J; ( iv ) work shall have the same meaning as in Explanation III to section 194C; 4 [ (v) rent shall have the same meaning as in clause (i) to the Explanation to section 194-I; (vi) royalty shall have the same meaning as in Explanation 2 to clause (vi) of sub-section (1) of section 9 ;] 18 [ **** ] 26 [ ( ib ) any consideration paid or payable to a non-resident for a specified service on which equalisation levy is deductible under the provisions of Chapter VIII of the Finance Act, 2016, and such levy has not been deducted or after deduction, has not been paid on or before the due date specified in sub-section (1) of section 139: Provided that where in respect of any such consideration, the equalisation levy has been deducted in any subsequent year or has been deducted during the previous year but paid after the due date specified in sub-section (1) of section 139, such sum shall be allowed as a deduction in computing the income of the previous year in which such levy has been paid; ] 5 [ ( ic ) any sum paid on account of fringe benefit tax under Chapter XII-H ;] ( ii ) any sum paid on account of any rate or tax levied on the profits or gains of any business or profession or assessed at a proportion of, or otherwise on the basis of, any such profits or gains. 6 [ Explanation 1 . - For the removal of doubts, it is hereby declared that for the purposes of this sub-clause, any sum paid on account of any rate or tax levied includes and shall be deemed always to have included any sum eligible for relief of tax under section 90 or, as the case may be, deduction from the Indian income-tax payable under section 91. ] 7 [ Explanation 2.- For the removal of doubts, it is hereby declared that for the purposes of this sub-clause, any sum paid on account of any rate or tax levied includes any sum eligible for relief of tax under section 90A; ] 29 [ Explanation 3.- For the removal of doubts, it is hereby clarified that for the purposes of this sub-clause, the term tax shall include and shall be deemed to have always included any surcharge or cess, by whatever name called, on such tax. ] 8 [ ( iia ) any sum paid on account of wealth-tax. Explanation. -For the purposes of this sub-clause, wealth-tax means wealth-tax chargeable under the Wealth-tax Act, 1957 (27 of 1957), or any tax of a similar character chargeable under any law in force in any country outside India or any tax chargeable under such law with reference to the value of the assets of, or the capital employed in, a business or profession carried on by the assessee, whether or not the debts of the business or profession are allowed as a deduction in computing the amount with reference to which such tax is charged, but does not include any tax chargeable with reference to the value of any particular asset of the business or profession; ] 21 [(iib) any amount- (A) paid by way of royalty, licence fee, service fee, privilege fee, service charge or any other fee or charge, by whatever name called, which is levied exclusively on; or (B) which is appropriated, directly or indirectly, from, a State Government undertaking by the State Government. Explanation .-For the purposes of this sub-clause, a State Government undertaking includes- (i) a corporation established by or under any Act of the State Government; (ii) a company in which more than fifty per cent of the paid-up equity share capital is held by the State Government; (iii) a company in which more than fifty per cent of the paid-up equity share capital is held by the entity referred to in clause (i) or clause (ii) (whether singly or taken together); (iv) a company or corporation in which the State Government has the right to appoint the majority of the directors or to control the management or policy decisions, directly or indirectly, including by virtue of its shareholding or management rights or shareholders agreements or voting agreements or in any other manner; (v) an authority, a board or an institution or a body established or constituted by or under any Act of the State Government or owned or controlled by the State Government; ] 9 [ ( iii ) any payment which is chargeable under the head Salaries , if it is payable- ( A ) outside India; or ( B ) to a non-resident, and if the tax has not been paid thereon nor deducted therefrom under Chapter XVII-B ;] ( iv ) any payment to a provident or other fund established for the benefit of employees of the assessee, unless the assessee has made effective arrangements to secure that tax shall be deducted at source from any payments made from the fund which are chargeable to tax under the head Salaries ; 10 [ ( v ) any tax actually paid by an employer referred to in clause ( 10CC ) of section 10; ] 11 [ ( b ) in the case of any firm assessable as such,- ( i ) any payment of salary, bonus, commission or remuneration, by whatever name called (hereinafter referred to as remuneration ) to any partner who is not a working partner; or ( ii ) any payment of remuneration to any partner who is a working partner, or of interest to any partner, which, in either case, is not authorised by, or is not in accordance with, the terms of the partnership deed; or ( iii ) any payment of remuneration to any partner who is a working partner, or of interest to any partner, which, in either case, is authorised by, and is in accordance with, the terms of the partnership deed, but which relates to any period (falling prior to the date of such partnership deed) for which such payment was not authorised by, or is not in accordance with, any earlier partnership deed, so, however, that the period of authorisation for such payment by any earlier partnership deed does not cover any period prior to the date of such earlier partnership deed; or ( iv ) any payment of interest to any partner which is authorised by, and is in accordance with, the terms of the partnership deed and relates to any period falling after the date of such partnership deed in so far as such amount exceeds the amount calculated at the rate of 12 [ twelve ] per cent simple interest per annum; or ( v ) any payment of remuneration to any partner who is a working partner, which is authorised by, and is in accordance with, the terms of the partnership deed and relates to any period falling after the date of such partnership deed in so far as the amount of such payment to all the partners during the previous year exceeds the aggregate amount computed as hereunder :- 19 [ (a) on the first 30 [ Rs. 6,00,000 ] of the book-profit or in case of a loss 31 [ Rs. 3,00,000 ] or at the rate of 90 per cent. of the book-profit, whichever is more; (b) on the balance of the book-profit at the rate of 60 per cent. ] Provided that in relation to any payment under this clause to the partner during the previous year relevant to the assessment year commencing on the 1st day of April, 1993, the terms of the partnership deed may, at any time during the said previous year, provide for such payment. Explanation 1 . -Where an individual is a partner in a firm on behalf, or for the benefit, of any other person (such partner and the other person being hereinafter referred to as partner in a representative capacity and person so represented , respectively),- ( i ) interest paid by the firm to such individual otherwise than as partner in a representative capacity, shall not be taken into account for the purposes of this clause; ( ii ) interest paid by the firm to such individual as partner in a representative capacity and interest paid by the firm to the person so represented shall be taken into account for the purposes of this clause. Explanation 2. - Where an individual is a partner in a firm otherwise than as partner in a representative capacity, interest paid by the firm to such individual shall not be taken into account for the purposes of this clause, if such interest is received by him on behalf, or for the benefit, of any other person. Explanation 3 . - For the purposes of this clause, book-profit means the net profit, as shown in the profit and loss account for the relevant previous year, computed in the manner laid down in Chapter IV-D as increased by the aggregate amount of the remuneration paid or payable to all the partners of the firm if such amount has been deducted while computing the net profit. Explanation 4 . - For the purposes of this clause, working partner means an individual who is actively engaged in conducting the affairs of the business or profession of the firm of which he is a partner; ] 13 [ ( ba ) in the case of an association of persons or body of individuals [other than a company or a co-operative society or a society registered under the Societies Registration Act, 1860 (21 of 1860), or under any law corresponding to that Act in force in any part of India] , any payment of interest, salary, bonus, commission or remuneration, by whatever name called, made by such association or body to a member of such association or body. Explanation 1 . - Where interest is paid by an association or body to any member thereof who has also paid interest to the association or body, the amount of interest to be disallowed under this clause shall be limited to the amount by which the payment of interest by the association or body to the member exceeds the payment of interest by the member to the association or body. Explanation 2 . - Where an individual is a member of an association or body on behalf, or for the benefit, of any other person (such member and the other person being hereinafter referred to as member in a representative capacity and person so represented , respectively),- ( i ) interest paid by the association or body to such individual or by such individual to the association or body otherwise than as member in a representative capacity, shall not be taken into account for the purposes of this clause; ( ii ) interest paid by the association or body to such individual or by such individual to the association or body as member in a representative capacity and interest paid by the association or body to the person so represented or by the person so represented to the association or body, shall be taken into account for the purposes of this clause. Explanation 3. -Where an individual is a member of an association or body otherwise than as member in a representative capacity, interest paid by the association or body to such individual shall not be taken into account for the purposes of this clause, if such interest is received by him on behalf, or for the benefit, of any other person .] ( c ) 14 [ **** ] ( d ) 15 [ **** ] ***************** NOTES:- 1. Substituted vide Section 13 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, 39 2. Substituted vide Section 11 of the Finance (No. 2) Act, 2004 w.e.f. 01-04-2005 before it was read as, (i) any interest (not being interest on a loan issued for public subscription before the 1st day of April, 1938), royalty, fees for technical services or other sum chargeable under this Act, which is payable,- (A) outside India; or (B) in India to a non-resident, not being a company or to a foreign company, on which tax has not been deducted or, after deduction, has not been paid before the expiry of the time prescribed under sub-section (1) of section 200 and in accordance with other provisions of Chapter XVII-B : Provided that where in respect of any such sum, tax has been deducted under Chapter XVII-B or paid in any subsequent year, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid. Explanation .-For the purposes of this sub-clause,- (A) royalty shall have the same meaning as in Explanation 2 to clause (vi) of sub-section (1) of section 9; (B) fees for technical services shall have the same meaning as in Explanation 2 to clause (vii) of sub-section (1) of section 9; Earlier , Substituted vide Section 11 of the Finance Act, 1988 w.e.f. 01-04-1989 before it was read as, ( i ) any interest chargeable under this Act which is payable outside India (not being interest on a loan issued for public subscription before the 1st day of April, 1938), on which tax has not been paid or deducted under Chapter XVII-B and in respect of which there is no person in India who may be treated as an agent under section 163; And was Substituted vide Section 19 of the Finance Act, 2003 w.e.f. 01-04-2004 before it was read as, (i) any interest (not being interest on a loan issued for public subscription before the 1st day of April, 1938), royalty, fees for technical services or other sum chargeable under this Act, which is payable outside India, on which tax has not been paid or deducted under Chapter XVII-B : Provided that where in respect of any such sum, tax has been paid or deducted under Chapter XVII-B in any subsequent year, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid or deducted. Explanation : For the purposes of this sub-clause, - (A) royalty shall have the same meaning as in Explanation 2 to clause (vi) of sub-section (1) of section 9; (B) fees for technical services shall have the same meaning as in Explanation 2 to clause (vii) of sub-section (1) of section 9; 3. Inserted vide Section 8 of the Taxation Laws (Amendment) Act, 2006 w.e.f. 01-04-2006 4. Inserted vide Section 8 of the Taxation Laws (Amendment) Act, 2006 w.e.f. 01-04-2006 5. Inserted vide Section 13 of the Finance Act, 2005 w.e.f. 01-04-2006 6. Inserted vide Section 10 of the Finance Act, 2006 w.e.f. 01-04-2006 7. Inserted vide Section 10 of the Finance Act, 2006 w.e.f. 01-06-2006 8. Inserted vide Section 2 of the Income-tax (Amendment) Act, 1972 w.e.f. 01-04-1962 (subject to savings prescribed by sections 4 and 5 of that Act.) 9. Substituted vide Section 19 of the Finance Act, 2003 w.e.f. 01-04-2004 before it was read as, (iii) any payment which is chargeable under the head Salaries , if it is payable outside India and if the tax has not been paid thereon nor deducted therefrom under Chapter XVII-B; 10. Inserted vide Section 20 of the Finance Act, 2002 w.e.f. 01-04-2003 Earlier , Inserted vide Third Schedule of the Finance Act, 1968 w.e.f. 01-04-1969 And was Amended vide Section 10 of the Taxation Laws (Amendment) Act, 1970 w.e.f. 01-04-1971 And was Omitted vide Section 9 of the Finance (No. 2) Act, 1971 w.e.f. 01-04-1972 before it was read as, (v) any expenditure which results directly or indirectly in the provision of any benefit or amenity or perquisite, whether convertible into money or not, to an employee (including any sum paid by the assessee in respect of any obligation which but for such payment would have been payable by such employee) or any expenditure or allowance in respect of any assets of the assessee used by such employee either wholly or partly for his own purposes or benefit, to the extent such expenditure or allowance exceeds one-fifth of the amount of salary payable to the employee, or an amount calculated at the rate of one thousand rupees for each month or part thereof comprised in the period of his employment during the previous year, whichever is less : Provided that in computing the aforesaid expenditure or allowance, the following shall not be taken into account, namely :- (a) any payment by way of gratuity; (b) the value of any travel concession or assistance referred to in clause (5) of section 10; (c) passage moneys or the value of any free or concessional passage referred to in sub-clause (i) of clause (6) of section 10; (d) any payment of tax referred to in sub-clause (vii) or sub-clause (viia) of clause (6) of section 10; (e) any sum referred to in sub-clause (vii) of clause (1) of section 17; (f) any sum referred to in sub-clause (v) of clause (2) of section 17; (g) the amount of any compensation referred to in sub-clause (i) or any payment referred to in sub-clause (ii) of clause (3) of section 17; (h) any payment referred to in clause (iv) or clause (v) of sub-section (1) of section 36; and (i) any expenditure referred to in clause (ix) of sub-section (1) of section 36 : Provided further that nothing in this sub-clause shall apply to any expenditure which results directly or indirectly in the provision of any benefit or amenity or perquisite to an employee whose income chargeable under the head Salaries is seven thousand five hundred rupees or less. Explanation 1 : The provisions of this sub-clause shall apply notwithstanding that any amount not to be allowed under this sub-clause is included in the total income of the employee. Explanation 2 : In this sub-clause, the word salary shall have the meaning assigned to it in clause (h) of rule 2 of Part A of the Fourth Schedule.; 11. Substituted vide Section 16 of the Finance Act, 1992 w.e.f. 01-04-1993 before it was read as, ( b ) in the case of any firm, any payment of interest, salary, bonus, commission or remuneration made by the firm to any partner of the firm. Explanation 1 : Where interest is paid by a firm to any part ner of the firm who has also paid interest to the firm, the amount of interest to be disallowed under this clause shall be limited to the amount by which the payment of interest by the firm to the partner exceeds the payment of interest by the part ner to the firm. Explanation 2 : Where an individual is a partner in a firm on behalf, or for the benefit, of any other person (such partner and the other person being hereinafter referred to as partner in a representative capacity and person so represented respective ly), ( i ) interest paid by the firm to such individual or by such individual to the firm otherwise than as partner in a representa tive capacity, shall not be taken into account for the purposes of this clause; ( ii ) interest paid by the firm to such individual or by such individual to the firm as partner in a representative capacity and interest paid by the firm to the person so represented or by the person so represented to the firm, shall be taken into ac count for the purposes of this clause. Explanation 3 : Where an individual is a partner in a firm other wise than as partner in a representative capacity, interest paid by the firm to such individual shall not be taken into account for the purposes of this clause, if such interest is received by him on behalf, or for the benefit, of any other person; Earlier , Amended vide Section 10 of the Taxation Laws (Amendment) Act, 1984 w.e.f. 01-04-1985 And was Amended vide Section 13 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 12. Substituted vide Section 20 of the Finance Act, 2002 w.e.f. 01-06-2002 before it was read as, eighteen 13. Inserted vide Section 9 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 14. Omitted vide Section 13 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, (c) in the case of any company (i) any expenditure which results directly or indirectly in the provision of any remuneration or benefit or amenity to a director or to a person who has a substantial interest in the company or to a relative of the director or of such person as the case may be, (ii) any expenditure or allowance in respect of any assets of the company used by any person referred to in sub-clause (i) either wholly or partly for his own purposes or benefit, if in the opinion of the Income-tax Officer any such expenditure or allowance as is mentioned in sub-clauses (i) and (ii) is excessive or unreasonable having regard to the legitimate business needs of the company and the benefit derived by or accruing to it therefrom, so, however, that the deduction in respect of the aggregate of such expenditure and allowance in respect of any one person referred to in sub-clause (i) shall, in no case, exceed - (A) where such expenditure or allowance relates to a period exceeding eleven months comprised in the previous year, the amount of one hundred and two thousand rupees; (B) where such expenditure or allowance relates to a period not exceeding eleven months comprised in the previous year, an amount calculated at the rate of eight thousand five hundred rupees for each month or part thereof comprised in that period : Provided that in a case where such person is also an employee of the company for any period comprised in the previous year, expenditure of the nature referred to in clauses (i), (ii), (iii) and (iv) of the second proviso to clause (a) of sub-section (5) of section 40A shall not be taken into account for the purposes of sub-clause (A) or sub-clause (B), as the case may be. Explanation. The provisions of this clause shall apply notwithstanding that any amount not to be allowed under this clause is included in the total income of any person referred to in sub-clause (i); Earlier , Amended vide Section 6 of the Finance Act, 1963 w.e.f. 01-04-1963 And was Amended vide Section 10 of the Finance Act, 1964 w.e.f. 01-04-1964 And was Amended vide Section 13 of the Finance Act, 1965 w.e.f. 01-04-1965 And was Amended vide Third Schedule of the Finance Act, 1968 w.e.f. 01-04-1969 And was Amended vide Section 9 of the Finance (No. 2) Act, 1971 w.e.f. 01-04-1972 And was Amended vide Section 9 of the Finance Act, 1984 w.e.f. 01-04-1985 15. Omitted vide Section 11 of the Finance Act, 1988 w.e.f. 01-04-1989 before it was read as, (d) in the case of a banking company, the amounts which have been allowed as a deduction in computing its income chargeable to income-tax under the head Interest on securities under the provisions of sub-section (I) of section 20. 16. Substituted vide Section 12 of the Finance Act, 2010 w.e.f. 01-04-2010 before it was read as, has not been paid,- (A) in a case where the tax was deductible and was so deducted during the last month of the previous year, on or before the due date specified in sub-section (1) of section 139; or (B) in any other case, on or before the last day of the previous year; Earlier , Substituted vide Section 10 of the Finance Act, 2008 w.e.f. 01-04-2005 before it was read as, has not been paid during the previous year, or in the subsequent year before the expiry of the time prescribed under sub-section (1) of section 200 . 17. Substituted vide Section 12 of the Finance Act, 2010 w.e.f. 01-04-2010 before it was read as, Provided that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted- (A) during the last month of the previous year but paid after the said due date; or (B) during any other month of the previous year but paid after the end of the said previous year, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid Earlier , Substituted vide Section 11 of the Finance Act, 1988 w.e.f. 01-04-1989 before it was read as, Provided that where in respect of any such sum, tax has been deducted in any subsequent year or, has been deducted in the previous year but paid in any subsequent year after the expiry of the time prescribed under sub-section (1) of section 200, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid. 18. Omitted vide Section 10 of the Finance Act, 2008 w.e.f. 01-04-2009 before it was read as, (ib) any sum paid on account of securities transaction tax under Chapter VII of the Finance (No. 2) Act, 2004; 19. Substituted vide Section 15 of the Finance (No. 2) Act, 2009 w.e.f. 01-04-2010 before it was read as, ( 1 ) in case of a firm carrying on a profession referred to in section 44AA or which is notified for the purpose of that section- ( a ) on the first Rs. 1,00,000 of the book-profit or in case of a loss Rs. 50,000 or at the rate of 90 per cent of the book-profit, whichever is more; ( b ) on the next Rs. 1,00,000 of the book-profit at the rate of 60 per cent; ( c ) on the balance of the book-profit at the rate of 40 per cent; ( 2 ) in the case of any other firm- ( a ) on the first Rs. 75,000 of the book-profit, or in case of a loss Rs. 50,000 or at the rate of 90 per cent of the book-profit, whichever is more; ( b ) on the next Rs. 75,000 of the book-profit at the rate of 60 per cent; ( c ) on the balance of the book-profit at the rate of 40 per cent: 20. Inserted vide Section 11 of the Finance Act, 2012 w.e.f. 01-04-2013 21. Inserted vide Section 8 of the Finance Act, 2013 w.e.f. 01-04-2014 22. Substituted vide Section 14 of the Finance (No. 2) Act, 2014 w.e.f. 01-04-2015 before it was read as, during the previous year, or in the subsequent year before the expiry of the time prescribed under sub-section (1) of section 200 : 23. Substituted vide Section 14 of the Finance (No. 2) Act, 2014 w.e.f. 01-04-2015 before it was read as, Provided that where in respect of any such sum, tax has been deducted in any subsequent year or, has been deducted in the previous year but paid in any subsequent year after the expiry of the time prescribed under sub-section (1) of section 200, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid. 24. Substituted vide Section 14 of the Finance (No. 2) Act, 2014 w.e.f. 01-04-2015 before it was read as, any interest, commission or brokerage, 3 [ rent, royalty, ] fees for professional services or fees for technical services payable to a resident, or amounts payable to a contractor or sub-contractor, being resident, for carrying out any work (including supply of labour for carrying out any work) . 25. Inserted vide Section 14 of the Finance (No. 2) Act, 2014 w.e.f. 01-04-2015 26. Inserted vide Section 22 of the Finance Act, 2016 w.e.f. 01-06-2016 Earlier , Omitted vide Section 10 of the Finance Act, 2008 w.e.f. 01-04-2009 (see foot note 18) 27. Inserted vide Section 10 of the Finance (No. 2) Act, 2019 w.e.f. 01-04-2020 28. Omitted vide Section 10 of the Finance (No. 2) Act, 2019 w.e.f. 01-04-2020 before it was read as resident 29. Inserted vide Section 13 of the Finance Act, 2022 w.e.f. 01-04-2005 30. Substituted vide Section 14 of the Finance (No. 2) Act, 2024 w.e.f. 01-04-2025 before it was read as, Rs. 3,00,000 31. Substituted vide Section 14 of the Finance (No. 2) Act, 2024 w.e.f. 01-04-2025 before it was read as, Rs. 1,50,000
|