Section 40(a)(ii)- Income Tax

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..... Payment of income tax, surcharge and education cess is not deducible under section 40(a)(ii) and so interest u/s 234A, 234B or 234C which has to be regarded as accretion to tax cannot also be allowed to be deducted. * Foreign income tax cannot be allowed as deduction. * Agricultural income tax Amendment made by the Finance Act, 2022 [w.r.e.f. AY 2005-06] * Explanation 3.- For the removal .....

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..... in section 270A(6), and * the Assessing Officer shall recompute the total income of the assessee for such previous year and make necessary amendment; and the provisions of section 154 shall, so far as may be, apply thereto, * the period of four years specified in section 154(7) being reckoned from the end of the previous year commencing on the 1st day of April, 2021. Exceptions of section 155 .....

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