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Amendment of section 40.

Clause 22 - Bills - DIRECT TAXES - Bill - Clause 22 - 22. In section 40 of the Income-tax Act, in clause (a), after sub-clause (ia), the following sub-clause shall be inserted with effect from the 1st day of June, 2016, namely:- (ib) any consideratio .....

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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 d .....

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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 profession . It is proposed to insert a new sub-clause (ib) in .....

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