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Income tax is a direct tax that the government levies on the income of individuals and businesses.

One has to be aware of all the laws and guidelines established by the government.

Recently, a new rule has just surfaced in addition to the existing tax regulations. 

The CBDT enacted Rule 132, which took effect on October 1, 2022. 

This rule examines whether firms should deduct any surcharge payments from their taxable income.

Recently, a court provided clarity and permitted the income tax cess and surcharge deduction.

Prior to the adoption of Rule 132, assessees were able to deduct the amount that companies paid in
 cess or surcharge

With the use of Rule 132, taxpayers can disclose information about their taxable income.

With the advent of Rule 132, the government has now given taxpayers a one-time window o recalculate their taxable profits.

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finance stories.

How does Rule 132 affect income tax payers?

The Central Board of Direct Taxes (CBDT) enacted Rule 132, which took effect on October 1, 2022. This rule examines whether firms should deduct surcharge payments from their taxable income. 

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How does Rule 132 affect income tax payers?

The Central Board of Direct Taxes (CBDT) enacted Rule 132, which took effect on October 1, 2022. This rule examines whether firms should deduct surcharge payments from their taxable income.

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