{"act":{"id":"finance-act-2008","short_title":"The Finance Act, 2008","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2008-2009.","act_number":null,"act_year":2008,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":71,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2008/"},"unit":"section","section":{"number":"7","heading":"Amendment of section 35","text":"Amendment of section 35. 7. In section 35 of the Income-tax Act, with effect from the 1st day of April, 2009,— (a ) in sub-section (1), after clause (ii), the following clause shall be inserted, namely:— \"(iia) an amount equal to one and one-fourth times of any sum paid to a company to be used by it for scientific research: Provided that such company— (A ) is registered in India, (B ) has as its main object the scientific research and development, (C ) is, for the purposes of this clause, for the time being approved by the prescribed authority in the prescribed manner, and (D ) fulfils such other conditions as may be prescribed;\"; (b ) in sub-section (2AB), after clause (5), the following clause shall be inserted, namely:— \"( 6) No deduction shall be allowed to a company approved under sub-clause (C) of clause (iia ) of sub-section (1) in respect of the expenditure referred to in clause (1) which is incurred after the 31st day of March, 2008.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 35.</b></p><p><b>7. </b>In section 35 of the Income-tax Act, with effect from the 1st day of April, 2009,—</p><p>(<i>a</i> ) in sub-section (1), after clause (<i>ii</i>), the following clause shall be inserted, namely:—</p><p>\"(<i>iia</i>) an amount equal to one and one-fourth times of any sum paid to a company to be used by it for scientific research:</p><p><b>Provided </b>that such company—</p><p>(<i>A</i> ) is registered in India,</p><p>(<i>B</i> ) has as its main object the scientific research and development,</p><p>(<i>C</i> ) is, for the purposes of this clause, for the time being approved by the prescribed authority in the prescribed manner, and</p><p>(<i>D</i> ) fulfils such other conditions as may be prescribed;\";</p><p>(<i>b</i> ) in sub-section (2AB), after clause (<i>5</i>), the following clause shall be inserted, namely:—</p><p>\"( <i>6</i>) No deduction shall be allowed to a company approved under sub-clause (<i>C</i>) of clause (<i>iia</i> ) of sub-section (1) in respect of the expenditure referred to in clause (<i>1</i>) which is incurred after the 31st day of March, 2008.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":177,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2008/section/7/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}