Union Budget: No surcharge or cess on income and profits allowed as business expenditure. business – Times of India Videos

Feb 01, 2022, 02:22 PM ISTSource: TOI.in

Clarifying the government’s position, Finance Minister Nirmala Sitharaman said that any cess or surcharge on income cannot be shown as business expenditure. He said that some courts have allowed health and education cess as a business expense but it is against the legislative intent. The Finance Minister also said that from now onwards the additional income detected in searches and raids will not be allowed to be adjusted against past losses.


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