Section 14A deals with non- allowability of expenditure that has been incurred in relation to Income not forming part of Total Income, i.e.; Exempt Income. This section was introduced with an intent that tax payable on non-Exempt Income should not be reduced, by debiting expenses that have been incurred for earning of Income exempt from tax.
With Finance Act, 2022, a non-obstante clause has been included in the section, which stipulates that deduction with respect to Exempt Income shall not be allowed, despite anything contrary contained in the Act.
According to the Section, deduction in respect of expense incurred with respect to Exempt Income, shall not be allowed while computing Total Income. If the Assessee claims that no expense has been done with respect to Exempt Income or if the Assessing Officer is not satisfied with the correctness of the expenditure claimed, the amount of disallowance shall be determined in accordance with Rule 8D of the Act.
Rule 8D, construe that, expenditure with regard to Exempt Income shall be Aggregate of:
- Expenditure having direct bearing to the Exempt Income and
- One percent of (Annual average) of (Monthly Average) of Opening and Closing Balance of the Investment amount, Income of which is exempt, i.e.; not form part of Total Income.
However, aggregate amount shall not exceed Total claim of Expenditure
Various disputes have arisen over the years with regard to Applicability of the section in cases where No Exempt Income has been earned during any particular year.
So, in the interest of legislation and to bereft from misinterpretations, an explanation has been introduced by Finance Act 2022, effective from 01-04-2022 which clarifies that 14A Disallowance shall attract even though an exempt income is not received or accrued or arisen during the relevant year, but the expenditure has been incurred during the said year with respect to such Exempt Income.
Thus, it clears the intent of the legislature, by allowing only that expenditure, which is relevant to taxable Income and any expenditure in relation to Exempt Income, shall be disallowed, irrespective of whether any income is earned during that year or not.
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