Income Tax Section 35
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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.
Income tax section 35. 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. Section 35 of income tax act a student s guide. Under section 35 5 of income tax act cap 35 exemption will be granted to a newly incorporated company in brunei darussalam for the first 100 000 of the chargeable income during the first 3 consecutive years of assessment falling within or after year of assessment 2008.
And in direct taxes profits and gains from business and professions seem to be one of the most important areas. After section 35ac of the income tax act the following sec tion shall be inserted with effect from the 1st day of april 2010 namely. Here i have taken up an important section which is covered in profits and gains from business and profession which would be useful for may 2016.
Section 35 1 ii of the income tax act 1961 scientific research expenditure approved scientific research associations institutions notification s o 74 e 03 01 2020 section 35 1 ii of the income tax act 1961 scientific research expenditure approved scientific research associations institutions notification 4281 e 27 11 2019. Direct taxes are arguably the most voluminous of all papers. The exemption provisions of section 10 35 are taken up and explained in the current article.
Section 35ac is available to assessees who have income from the head business or profession. Deduction under section 35ac and 80gga. Section 35 of income tax act 1961 2017 provides special provision for expenditure on scientific research.
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. Insertion of new section 35ad. Section 35 in the income tax act 1995 35.
1 an assessee shall be allowed a deduction in re spect of the whole of any expenditure of capital nature incurred wholly and exclusively for the purposes of any specified busi ness carried on by him during the previous year in which such. Therefore for the assessees who do do not have income from business or profession section 80gga provides for deduction on donations made to eligible projects under section 35ac. With roughly 4 months left for may 2016 exams it is high time the students taking up the exams to start their preparations.
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