{"act":{"id":"finance-act-2022","short_title":"The Finance Act, 2022","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2022-2023.","act_number":"6","act_year":2022,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":134,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2022/"},"unit":"section","section":{"number":"12","heading":"Amendment of section 37","text":"Amendment of section 37. 12.  In section 37 of the Income-tax Act, in sub-section (1), after Explanation 2, the following Explanation shall be inserted, namely:— 'Explanation 3.—For the removal of doubts, it is hereby clarified that the expression \"expenditure incurred by an assessee for any purpose which is an offence or which is prohibited by law\" under Explanation 1, shall include and shall be deemed to have always included the expenditure incurred by an assessee,— (i) | for any purpose which is an offence under, or which is prohibited by, any law for the time being in force, in India or outside India; or (ii) | to provide any benefit or perquisite, in whatever form, to a person, whether or not carrying on a business or exercising a profession, and acceptance of such benefit or perquisite by such person is in violation of any law or rule or regulation or guideline, as the case may be, for the time being in force, governing the conduct of such person; or (iii) | to compound an offence under any law for the time being in force, in India or outside India.'.","html":"<p><b>Amendment of section 37.</b></p><p><b>12. </b> In section 37 of the Income-tax Act, in sub-section (1), after <i>Explanation 2</i>, the following <i>Explanation</i> shall be inserted, namely:—</p><p>'<i>Explanation 3</i>.—For the removal of doubts, it is hereby clarified that the expression \"expenditure incurred by an assessee for any purpose which is an offence or which is prohibited by law\" under <i>Explanation 1</i>, shall include and shall be deemed to have always included the expenditure incurred by an assessee,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>for any purpose which is an offence under, or which is prohibited by, any law for the time being in force, in India or outside India; or</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>to provide any benefit or perquisite, in whatever form, to a person, whether or not carrying on a business or exercising a profession, and acceptance of such benefit or perquisite by such person is in violation of any law or rule or regulation or guideline, as the case may be, for the time being in force, governing the conduct of such person; or</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>to compound an offence under any law for the time being in force, in India or outside India.'.</td></tr></table></div>","words":189,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2022/section/12/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}