Income Tax Act 2023
Section 56 - Computation of Special Business Income
(as updated till Finance Act 2024)
(1) Notwithstanding anything contained in any other provision of this Act, all expenditure disallowed under clauses other than 1[clauses (d)-(j), (q), (s) and (t)] of section 55 shall be
deemed to be special business income.
(2) Any expenditure, set-off or carry forward of losses or allowance under the Third Schedule shall not be allowed against any special business income or special areas of income from business under any provision of this chapter and tax shall be charged on such incomes at regular rate.
1 The words, letters and brackets “clauses (d)-(j), (q), (s) and (t)” were substituted for the words, letters and brackets “clause (s)” by section 26 of the Finance Act, 2024 (Act No. V of 2024) with effect from 1st July 2024.
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