Section 35CCC of Income Tax Act for AY 2023-24

Section 35CCC of Income Tax Act 1961 amended by Finance Act 2022 and Income-tax Rules, 1962. Expenditure on agricultural extension project.

Amended and updated notes on section 35CCC of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to expenditure on agricultural extension project.

Chapter IV (Sections 14 to 59) of the Income Tax Act 1961 deals with the provisions related to computation of total income. Section 35CCC of IT Act 1961-2023 provides for expenditure on agricultural extension project.

Recently, we have discussed in detail section 35CCB (expenditure by way of payment to associations and institutions for carrying out programmes of conservation of natural resources) of IT Act 1961. Today, we learn the provisions of section 35CCC of Income-tax Act 1961. The amended provision of section 35CCC is effective for financial year 2022-23 relevant to the assessment year 2023-24.

In this article, you will learn detail of the provisions of section 35CCC of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962, regulations, notifications, circulars, orders and Press Release by CBDT, Income Tax Department and the Ministry of Law and Justice, Government of India.

Section-35CCC: Expenditure on Agricultural Extension Project

Section 35CCC(1) of Income Tax Act

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 prescribed, then, there shall be allowed a deduction of a sum equal to one and one-half times of such expenditure:

Provided that for the assessment year beginning on or after the 1st day of April, 2021, the provisions of this sub-section shall have effect as if for the words “a sum equal to one and one-half times of”, the words “a sum equal to” had been substituted.

Section 35CCC(2) of Income Tax Act

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.


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