Tag: Deduction
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SC Ruling: 40% Tax Deduction Restricted to Lengthy-Time period Finance Revenue
The Supreme Courtroom has dominated that statutory firms can’t declare a 40 per cent tax deduction underneath Part 36(1)(viii) of the Revenue Tax Act for earnings earned from actions aside from offering long-term finance for industrial, agricultural or infrastructure growth. What has the Supreme Courtroom held on eligibility for the tax deduction? A Bench…