Amendment of section 37
Section 12 of the Finance Act, 2022 deals with amendment of section 37. 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
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,—
Section 12, The Finance Act, 2022 (Act 6 of 2022).
(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.'.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Referred to by 2
Questions about Section 12
What does Section 12 of the Finance Act deal with?
Section 12 of the Finance Act is headed "Amendment of section 37". 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
How do I find court cases under Section 12 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2022 12, section 12 Finance Act 2022, section 12 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 12 of the Finance Act, and has it changed?
Its own text turns on section 37 (Amendment of section 133A), Income-tax Act 37 (General), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2022 as Act 6 of 2022. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule9792 words
- 2. Income-tax6839 words
- 42. Amendment of section 144B3753 words
- 4. Amendment of section 103713 words
- 39. Insertion of new section 140B1269 words
- 31. Amendment of section 115TD965 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.