Section 47 — Expenditure on agricultural extension project and skill development project
Old Act equivalent: Section 35CCC, 35CCD of IT Act 1961 Sub-part: D.—Profits and gains of business or profession
Statutory Text
- (1) Any expenditure (excluding cost of any land or building) incurred, on—
(a) agricultural extension project by any assessee; or
(b) any skill development project by a company, shall be allowed as a deduction, in the tax year in which such expenditure is incurred provided such project is notified by the Board as per the guidelines issued by it. (2) If a deduction under this section is claimed and allowed for any tax year in respect of any expenditure referred to in sub-section (1), deduction shall not be allowed for such expenditure under any other provision of this Act for the same or any other tax year. Tea development account, coffee development account and rubber development account.
Sub-sections
Sub-section (1)
- (1) Any expenditure (excluding cost of any land or building) incurred, on—
(a) agricultural extension project by any assessee; or
(b) any skill development project by a company, shall be allowed as a deduction, in the tax year in which such expenditure is incurred provided such project is notified by the Board as per the guidelines issued by it.
Sub-section (2)
(2) If a deduction under this section is claimed and allowed for any tax year in respect of any expenditure referred to in sub-section (1), deduction shall not be allowed for such expenditure under any other provision of this Act for the same or any other tax year. Tea development account, coffee development account and rubber development account.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Assessees incurring expenditure on agricultural extension or skill development projects.
- Scope: Weighted deduction for expenditure on notified agricultural extension and skill development projects.
- Conditions: Project must be notified by Board; expenditure must not be on land or building.
Cross-References
None identified.
Amendment Notes
None noted from the extracted pages.