Home Acts & Rules Bill Bills Finance (No. 2) Bill, 2014 Chapters List Chapter III DIRECT TAXES This
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Clause 13 - Amendment of section 37 - Finance (No. 2) Bill, 2014Extract Amendment of section 37 13. In section 37 of the Income-tax Act, in sub-section (1), the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted with effect from the 1st day of April, 2015, namely: Explanation 2. For the removal of doubts, it is hereby declared that for the purposes of sub-section (1), any expenditure incurred by an assessee on the activities relating to corporate social responsibility referred to in section 135 of the Companies Act, 2013[18 of 2013] shall not be deemed to be an expenditure incurred by the assessee for the purposes of the business or profession. .
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