EXTENSION OF SCOPE OF SECTION 43B
RATIONALISATION OF SCOPE OF TAX INCENTIVE UNDER SECTION 32AC
April 30, 2016TAXATION OF NON-COMPETE FEES AND EXCLUSIVITY RIGHTS IN CASE OF PROFESSION
April 30, 2016With a view to ensure the prompt payment of dues to Railways for use of the Railway assets, it is proposed to amend Section 43B so as to expand its scope to include payments made to Indian Railways for use of Railway assets.
Thus, payments made to Indian Railways, for use of Railway assets, shall be allowed as deduction only if the same is paid on or before the due date of filing of return.
This amendment will come into effect from assessment year 2017-18 and for subsequent assessment years.
