Clarification regarding 'Amounts not deductible' under sub-clause (i) of clause (a) of section 40 of Income-tax Act, 1961 ('Act')-regarding.

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..... 2 th February, 2015 Subject:- Clarification regarding 'Amounts not deductible' under sub-clause (i) of clause (a) of section 40 of Income-tax Act, 1961 ('Act')-regarding. Section 40(a)(i) of the Act stipulates that in computing the income chargeable under the head Profits or gains of business or profession , any interest, royalty, fees for technical services or other .....

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..... eady issued Instruction No. 02/2014 dated 26.02.2014 (F.No. 500/33/2013-FTD-I) regarding deduction of tax at source under sub-section (1) of section 195 read with section 201 of the Act relating to payments made to non-residents in cases where no application is filed by the deductor for determining the sum so chargeable under sub-section (2) of section 195 of the Act . Vide this Instruc .....

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..... t as mentioned in section 195 of the Act for the purposes of tax deduction at source, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Act , hereby clarifies that for the purpose of making disallowance of 'other sum chargeable' under section 40(a)(i) of the Act , the appropriate portion of the sum which is chargeable to tax under the Act .....

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