Section 35AC of Income Tax Act,1961: Expenditure on eligible projects or schemes
#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