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TMI BlogDEFERRED REVENUE EXPENDITURE ALLOWANCEX X X X Extracts X X X X X X X X Extracts X X X X ..... ual to the appropriate fraction of the amount of such expenditure. 2. The appropriate fraction referred to in paragraph 1 shall be the fraction, the numerator of which is one and the denominator of which is the total number of the financial years specified in column (3) of the said Table against the relevant deferred revenue expenditure. 3. The deferred revenue expenditure allowance shall be allow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 37 shall be the aggregate of the amounts under this Schedule. TABLE Serial Number Nature of deferred revenue expenditure Number of number financial years for which expenditure is allowable (1) (2) (3) 1 Non-compete fee 6 2 Premium for obtaining any asset on lease or rent 6 3 Amount paid to an employee in connection with his 6 voluntary retirement in accordance with any scheme of voluntary retire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BJECTS AND REASONS The Income-tax Act, 1961, has been subjected to numerous amendments since its passage fifty years ago. It has been considerably revised, not less than thirty-four times, by amendment Acts besides the amendments carried out through the annual Finance Acts. These amendments were necessitated by policy changes due to the changing economic environment, increasing sophistication of c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with a Discussion Paper was released in August, 2009 for public comments. It proposed to replace the Income-tax Act, 1961 and the Wealth-tax Act, 1957 by a single Act, namely the Direct Taxes Code. Public and stakeholder feedback on the proposals outlined in these documents was analysed and suggestions for amendments received from members of the public, business associations and other bodies were ..... X X X X Extracts X X X X X X X X Extracts X X X X
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