So, like, the income tax department just dropped a bomb on taxpayers, saying they can’t claim deductions for expenses related to settlements under certain laws. This includes the SEBI Act, the Securities Contracts Act, the Depositories Act, and the Competition Act. Not really sure why this matters, but the move is supposed to crack down on taxpayers trying to write off shady expenses. The Central Board of Direct Taxes issued a notification on April 23, making it clear that expenses related to violations or defaults under these laws won’t be deductible. So, yeah, taxpayers are out of luck if they were banking on tax relief for these expenses. Published on April 24, 2025.
