# financeact2022
1 posts in `financeact2022` tag
CBDT Guidelines on Section 37(1): What Business Expenses Are Now Disallowed?
This blog post examines the clarified disallowances under Section 37(1) of the Income Tax Act following the Finance Act 2022 amendment to Explanation 1. It details how expenses related to illegal activities, penalties, compounding fees, prohibited benefits/perks (like certain freebies), and violations of foreign laws are now more explicitly non-deductible, emphasizing the need for businesses to ensure compliance and maintain thorough documentation.
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By Krishna
