Section 37 of ITA, 1961 : Section 37: General
ITA, 1961
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Explanation using Example
Imagine a company, XYZ Pvt. Ltd., spends money on various activities throughout the financial year. One of the expenses is the salary paid to its employees, which is covered under a different section of the Income-tax Act and hence not applicable here. Now consider XYZ Pvt. Ltd. also spends money on a marketing campaign to promote its new product. This marketing expense is not of a capital nature (it doesn't create a long-term asset) and is not personal to any of the directors or employees. Therefore, under Section 37(1) of the Income-tax Act, 1961, this marketing expense can be claimed as a deduction...
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