section 37(1) articles

No Externment Based on Pending Investigations: Bombay HC

Explore the Bombay High Courts landmark ruling: Offences under investigation cant be grounds for externment orders. An in-depth analysis of the judgment....

Posted Under: Corporate Law |

Recent Judgements of Supreme Court on Income Tax Issues

Explore recent Supreme Court rulings (2023) on income tax issues. Highlights of key cases, analysis, and implications....

Posted Under: Corporate Law |

Is CSR Expenditure allowable u/s 80G?

Understand the intricacies of CSR expenditure deduction under Section 80G. Explore recent clarifications and legal standpoints for a comprehensive view....

Posted Under: Corporate Law |

Delayed Deposit of EPF & ESI- Whether Allowable

After the decision of SC in Check mate Services Pvt. Ltd. vs. CIT order dated 12.10.22, the legal position is now settled that the delayed deposit of employees contribution shall be held as deemed income u/s. 2(24) of the income tax act....

Posted Under: Corporate Law |

Freebies to Doctors not allowable as same is an Offence & Prohibited by Law

Ensure Compliance: Offering freebies to doctors may lead to serious consequences under Section 37(1) of the Income Tax Act. Any expenditure deemed an offense or prohibited by law is disallowed in income computation. The legal implications and disallowance criteria are clearly outlined. Stay informed with Circular No. 5/2012, emphasizing t...

Posted Under: Corporate Law |

Incentives to Medical Professionals: Whether deduction allowed under Income Tax Act, 1961?

In general practice freebies although being prohibited are provided to medical professionals by pharmaceutical companies and diagnostic centers to induce them to prescribe their medicines and tests which are higher in price than their generic alternatives. This practice of acceptance of freebies was disallowed through a circular issued on...

Posted Under: Corporate Law |

Freebies by Pharma Companies – shutter down?

It is a routine practice that Pharmaceutical and health sector companies provide freebies such as hospitality, conference fees, gold coins, LCD TVs, fridges, laptops, etc. to medical practitioners for creating awareness about the health supplement ‘ABC’....

Posted Under: Corporate Law |

Whether Penalties or Fines Paid are Allowed as an Expenditure

In this article we are going to discuss a problem, whether Penalty/Penal Interest levied on any organisation is allowed as deduction to the assessee under provisions of Section 37(1) of the Income Tax Act, 1961.. PROBLEM: M/s. ABC Limited has been penalised under provisions of GST Act, 2017 to the tune of Rs. 50,000/- as […]...

Posted Under: Corporate Law |

General Deductions of Expenditure Under Section 37(1)

We know that there are five heads of income, in which income of any assessee has been taxed. There may be different types of income an assessee earned during previous year such as income from salary, House Property, Profit and gain from business or profession, Capital Gain and Income from other sources.  Section 28 is […]...

Posted Under: Corporate Law |

S. 37 Allowability of Business Expenditure & case laws

Condition for allowance under section 37 - Such expenditure should not be covered under the specific section i.e. sections 30 to 36. Expenditure should not be of capital nature. The expenditure should be incurred during the previous year. The expenditure should not be of personal nature. The expenditure should have been incurred wholly ...

Posted Under: Corporate Law |

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