Section 40(a)(ii)- Income Tax

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... income tax, surcharge and education cess is not deducible under section 40(a)(ii) and so interest u/s 234A , 234B or 234C which has to be regarded as accretion to tax cannot also be allowed to be deducted. Foreign income tax cannot be allowed as deduction. Agricultural income tax Amendment made by the Finance Act, 2022 [w.r.e.f. AY 2005-06] Explanation 3.- For the removal of doubts, it is hereby c .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ng Officer shall recompute the total income of the assessee for such previous year and make necessary amendment; and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in section 154(7) being reckoned from the end of the previous year commencing on the 1st day of April, 2021. Exceptions of section 155(18) waiver from penalty u/s 270A(3) where t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... etion to tax cannot also be allowed to be deducted. any penalty, fine under the income tax act is not deductible. Interest tax paid or payable by a credit institution under the interest -tax act, 1974 is deductible. - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X