IncomeTaxManagement: [Section 40]- Amounts Not Deductible for computing Profits & Gains of Business or Profession

o (iii) 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.

o (iv) any sum paid on account of wealth tax under the Wealth Tax Act and any tax of a similar character chargeable under any law in force in any country outside India;

o (v) (a) any amount 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

o (b) any amount appropriated, directly or indirectly, from, a State Government undertaking, by the State Government;

o (vi) any payment which is chargeable under the head “Salaries”, if it is payable:

o (vii) any payment to provident fund or other fund established for the benefit of employees of the assessee,

o (viii) any tax actually paid by any employer on the perquisites not provided by way of monetary payment shall not be eligible for deduction while computing the business income of the employer.

· (2) [Section 40(b)]- Amounts Not Deductible – In the case of a Partnership Firm: for Computing Profits and Gains of Business or Professions

· (3) [Section 40(ba)]- Amounts Not Deductible – In the case of AOP/BOI: – for Computing Profits and Gains of Business or Professions

· (4) [Section 40A]- Expenses or Payments Not Deductible in certain circumstances: – for Computing Profits and Gains of Business or Professions

· (5) [Section 40A(2)]- Expenses or Payments Not Deductible where such payments are made to Relatives : – for Computing Profits and Gains of Business or Professions

· (6) [Section 40A(3)(a)]- Amount Not Deductible in respect of Expenditure exceeding Rs.10,000: – for Computing Profits and Gains of Business or Professions

· (7) [Section 40A(7)]- Disallowance in respect of Provision For Gratuity: – for Computing Profits and Gains of Business or Professions

· (8) [Section 40A(9)]- Disallowance in respect of Contributions to Non-Statutory Funds – for Computing Profits and Gains of Business or Professions

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[Section 40]- Amounts Not Deductible for computing Profits & Gains of Business or Profession

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