What is Expenditure on agricultural extension project? What is Expenditure on skill development project? Section 35CCC and 35CCD of Income Tax Act 1961

Expenditure on agricultural extension project and Expenditure on skill development project are defined under section 35CCC and 35CCD of Income Tax Act 1961. Provisions under these sections are:

Section 35CCC of Income Tax Act "Expenditure on agricultural extension project"

35CCC. (1) Where an assessee incurs any expenditure on agricultural extension project notified by the Board in this behalf in accordance with the guidelines as may be prescribed54, then, there shall be allowed a deduction of a sum equal to one and one-half times of such expenditure.

(2) Where a deduction under this section is claimed and allowed for any assessment year in respect of any expenditure referred to in sub-section (1), deduction shall not be allowed in respect of such expenditure under any other provisions of this Act for the same or any other assessment year.

 

Section 35CCD of Income Tax Act "Expenditure on skill development project"

35CCD. (1) Where a company incurs any expenditure (not being expenditure in the nature of cost of any land or building) on any skill development project notified by the Board in this behalf in accordance with the guidelines as may be prescribed, then, there shall be allowed a deduction of a sum equal to one and one-half times of such expenditure.

(2) Where a deduction under this section is claimed and allowed for any assessment year in respect of any expenditure referred to in sub-section (1), deduction shall not be allowed in respect of such expenditure under any other provisions of this Act for the same or any other assessment year.

 

Home     About Us     Privacy Policy     Disclaimer     Sitemap