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Section 40A(2) - Payment to specified persons not deductible under certain circumstances

Income Tax - Profit and Gains of Business or Profession - 59 - SEC - 40A(2): PAYMENTS TO SPECIFIED PERSONS NOT DEDUCTIBLE UNDER CERTAIN CIRCUMSTANCES Excessive or unreasonable payment made to specified person on account of any expenditure incurred may be disallowed by the Assessing Officer having regard to FMV of goods, services or facilities for which payment is made and the legitimate needs of the business. Who is RELATIVE: The term relative in relation to an individual, means the husband, wif .....

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