Amendment of Section 40

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..... charge or any other fee or charge, by whatever name called, which is levied exclusively on; or (B) which is appropriated, directly or indirectly, from, a State Government undertaking by the State Government. Explanation . For the purposes of this sub-clause, a State Government undertaking includes (i) a corporation established by or under any Act of the State Government; (ii) a company in which mo .....

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..... eeks to amend section 40 of the Incometax Act relating to amounts not deductible. The provisions of section 40 specify the amounts which shall not be deducted in computing the income chargeable under the head Profits and gains of business or profession . It is proposed to insert a new sub-clause (iib) in clause (a) of the aforesaid section so as to provide that any amount paid by way of royalty, l .....

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