AUBSP»Income Tax»Taxpayers»Section 35CCC of Income-tax Act 1961-2017 – Expenditure on agricultural extension project

Section 35CCC of Income-tax Act 1961-2017 – Expenditure on agricultural extension project

Detail analysis of the provisions of Section 35CCC (Expenditure on agricultural extension project) of Income-tax Act 1961 as amended by latest Finance Act 2017.

Chapter IV (Sections 14-59) of Income Tax Act, 1961 deals with provisions related to computation of total income. Section 35CCC of Income Tax Act 1961-2017 provides Special provision for expenditure on agricultural extension project.

(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 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.

(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.

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