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Time of India
25-04-2025
- Business
- Time of India
CBDT: Can't claim deductions for settlement under 4 laws
NEW DELHI: The on Thursday said taxpayers will not be allowed to claim deduction for expenditures incurred to settle proceedings initiated under four laws. On April 23, CBDT notified that any expenditure incurred to settle proceedings initiated in relation to contravention or defaults under the four specified laws — Securities and Exchange Board of India Act, 1992, the Securities Contracts (Regulation) Act, 1956, the Depositories Act, 1996, and the , 2002 — shall not be deemed to have been incurred for the purpose of business or profession and no deduction or allowance will be allowed for such expenditure.
Time of India
24-04-2025
- Business
- Time of India
No tax deductions for settling legal proceedings under certain laws
No tax deduction can be claimed for settling legal proceedings under four laws including Securities and Exchange Board of India Act , 1992; the Securities Contracts (Regulation) Act, 1956; the Depositories Act, 1996; and the Competition Act, 2002. The central board of direct taxes(CBDT) in a notification issued April 23 clarified that from April 1, no such deduction can be claimed. Last year, the Centre had made amendments in the Finance Act, 2024 under Section 37 of the act. Amit Maheshwari, tax partner at AKM Global, said, "The deductibility of settlement payments under Section 37(1) of the Income-tax Act, 1961, has long been a subject of judicial debate, particularly in cases like Income Tax Officer v. Reliance Share & Stock Brokers, where consent fees paid to Sebi were allowed as business expenditure on grounds of commercial expediency." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Living in Thiruvananthapuram? Don't Buy Hearing Aids Before Reading This Learn More Undo
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Business Standard
24-04-2025
- Business
- Business Standard
Taxpayers barred from claiming deductions on Sebi, CCI settlement costs
The income tax department on Thursday said taxpayers will not be allowed to claim deduction for expenditures incurred to settle proceedings initiated under four laws, including the Sebi and the Competition Act. In a notification issued on April 23, the Central Board of Direct Taxes (CBDT) notified that any expenditure incurred to settle proceedings initiated in relation to contravention or defaults under the four specified laws shall not be deemed to have been incurred for the purpose of business or profession and no deduction or allowance shall be made in respect of such expenditure. The four laws are the Securities and Exchange Board of India Act, 1992; the Securities Contracts (Regulation) Act, 1956; the Depositories Act, 1996; And the Competition Act, 2002. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
