Feb 01, 2022, 02:22PM ISTSource: TOI.in

Clarifying the government’s position, finance minister Nirmala Sitharaman said that any cess or surcharge on income cannot be shown as business expenditure. She said that some courts have allowed the health and education cess as business expenditure but this is against the legislative intent. The finance minister also said that from now onwards excess income detected in searches and raids will not be allowed to be adjusted against past losses.


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