#section35CCB #incometaxact #taxationact #expenditure #paymenttoinstitutions #paymenttoassociations #conservationofnaturalresources #naturalresources #conservation #taxlaws As per sub-section (1) of the Section 35CCB, when an assessee incurs expenditure on or before 31st March 2002, by making a payment of any sum:- (a) To an institution or an association whose object is to undertake any program for the conservation of natural resources or afforestation, to be used for carryi

#section35cca #incometaxact #taxationact #expenditure #paymentoassociations #institutions #ruraldevelopment #paymenttoinstitutions Subsection (1) of Section 35CCA of the Income Tax Act, 1961 states that when an assessee incurs any expenditure by making payment of any sum:- (a) To any institution or association whose object is to undertake any rural development programme and the sum is used to carry out such rural development programme approved by the prescribed authority; or

#section35AD #incometaxact #incometaxact1961 #deductionsintax #specificbusiness #expenditure Section 35AD of the Income Tax Act, 1961 relates to the deduction when the expenditure is made on the specified business. As per its first subsection, when an assessee makes a capital expenditure exclusively and wholly for any specified business that he carries on during the previous year in which the expenditure has been incurred, then in such a case, the assessee would be eligible f

#section35e #amortization #expenditure #minerals #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. According to this Section, As per this Section, the amortization of expenditure incurred wholly and exclusively on any operation related to the prospecting for the minerals and the groups associated with it or on the development of a mine or ot

#section35dda #amortization #expenditure #voluntary #retirement #voluntaryretirement #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. According to Section 35DDA, (1) The expenditure incurred by the assessee in any previous year by way of payment of any sum to an employee in connection with his voluntary retirement in accordance with any sch

#expenditure #eligible #projects #schemes The section states that: (1) Where an assessee incurs any expenditure by way of payment of any sum to a public sector company or a local authority or to an association or institution approved by the National Committee for carrying out any eligible project or scheme, the assessee shall, subject to the provisions of this section, be allowed a deduction of the amount of such expenditure incurred during the previous year : Provided that a

#expenditure #licence #telecomm #services The section states that: (1) In respect of any expenditure, being in the nature of capital expenditure, incurred for acquiring any right to operate telecommunication services either before the commencement of the business to operate telecommunication services or thereafter at any time during any previous year and for which payment has actually been made to obtain a licence, there shall, subject to and in accordance with the provisions

#rules #presecribedauthority #scientif #research #expenditure The rule states that: (1) For the purposes of [[clause (i) of] sub-section (1) and sub-section (2A) of] section 35, the prescribed authority shall be the Director General (Income-tax Exemptions) in concurrence with the Secretary, Department of Scientific and Industrial Research, Government of India. [(1A) For the purposes of sub-section (2AA) of section 35, the prescribed authority shall be— (a)in the case of a Nat

#section35dd #amortization #demerger #amalgamation #expenditure #income #incometax #incometaxacr1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. In order to understand this Section, let us understand a few terms: Merger and Demerger A merger (also known as amalgamation), is a legal process where two or more companies come together to form a whole new business entity or tw

#expenditure #right #telecommservices The section states that: (1) In respect of any expenditure, being in the nature of capital expenditure, incurred for acquiring any right to use spectrum for telecommunication services either before the commencement of the business or thereafter at any time during any previous year and for which payment has actually been made to obtain a right to use spectrum, there shall, subject to and in accordance with the provisions of this section, b

#expenditure #knowhow #ammended The section states that: (1) Subject to the provisions of sub-section (2), where the assessee has paid in any previous year relevant to the assessment year commencing on or before the 1st day of April, 1998 any lump sum consideration for acquiring any know-how for use for the purposes of his business, one-sixth of the amount so paid shall be deducted in computing the profits and gains of the business for that previous year, and the balance amou

#acquisition #patentrights #copyrights #expenditure The section states that: (1) In respect of any expenditure of a capital nature incurred after the 28th day of February, 1966 but before the 1st day of April, 1998, on the acquisition of patent rights or copyrights (hereafter, in this section, referred to as rights) used for the purposes of the business, there shall, subject to and in accordance with the provisions of this section, be allowed for each of the relevant previous

#provisions #expenditure #scientificresearch #capital The section states that: (1) In respect of expenditure on scientific research, the following deductions shall be allowed— (i) any expenditure (not being in the nature of capital expenditure) laid out or expended on scientific research related to the business. Explanation.—Where any such expenditure has been laid out or expended before the commencement of the business (not being expenditure laid out or expended before the