Amendment of Section 40

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..... e, 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 est .....

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..... lished or constituted by or under any Act of the State Government or owned or controlled by the State Government; . - Clause 7 of the Bill seeks to amend section 40 of the Incometax Act relating to amounts not deductible. The provisions of section 40 specify the amounts which shall not be deducted in computing the income chargeable under the head Profits and gains of business or profes .....

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