{"act":{"id":"finance-act-2016","short_title":"The Finance Act, 2016","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2016-2017.","act_number":null,"act_year":2016,"enact_date":"2016-06-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":276,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2016/"},"unit":"section","section":{"number":"15","heading":"Amendment of section 35","text":"Amendment of section 35. 15. In section 35 of the Income-tax Act, with effect from the 1st day of April, 2018,— (i) | in sub-section (1),— (a) | in clause (ii),— (I) | for the words \"one and three-fourth\", the words \"one and one-half\" shall be substituted; (II) | after the proviso, the following proviso shall be inserted, namely:— \"Provided further that where any sum is paid to such association, university, college or other institution in a previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, the deduction under this clause shall be equal to the sum so paid;\"; (b) | in clause (iia), the words \"an amount equal to one and one-fourth times of\" shall be omitted; (c) | in clause (iii), the words \"an amount equal to one and one-fourth times of\" shall be omitted; (ii) | in sub-section (2AA),— (A) | in clause (a), for the words \"two times\", the words \"one and one-half times\" shall be substituted; (B) | after the proviso and before Explanation 1, the following proviso shall be inserted, namely:— \"Provided further that where any sum is paid to such National Laboratory or university or Indian Institute of Technology or specified person in a previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, the deduction under this sub-section shall be equal to the sum so paid.\"; (iii) | in sub-section (2AB),— (a) | in clause (1), for the words \"two times\", the words \"one and one-half times\" shall be substituted; (b) | after clause (1) and before the Explanation, the following proviso shall be inserted, namely:— \"Provided that where such expenditure on scientific research (not being expenditure in the nature of cost of any land or building) on in-house research and development facility is incurred in a previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, the deduction under this clause shall be equal to the expenditure so incurred.\"; (c) | clause (5) shall be omitted.","html":"

Amendment of section 35.

15. In section 35 of the Income-tax Act, with effect from the 1st day of April, 2018,—

(i)in sub-section (1),—
(a)in clause (ii),—
(I)for the words \"one and three-fourth\", the words \"one and one-half\" shall be substituted;
(II)after the proviso, the following proviso shall be inserted, namely:—
\"Provided further that where any sum is paid to such association, university, college or other institution in a previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, the deduction under this clause shall be equal to the sum so paid;\";
(b)in clause (iia), the words \"an amount equal to one and one-fourth times of\" shall be omitted;
(c)in clause (iii), the words \"an amount equal to one and one-fourth times of\" shall be omitted;
(ii)in sub-section (2AA),—
(A)in clause (a), for the words \"two times\", the words \"one and one-half times\" shall be substituted;
(B)after the proviso and before Explanation 1, the following proviso shall be inserted, namely:—
\"Provided further that where any sum is paid to such National Laboratory or university or Indian Institute of Technology or specified person in a previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, the deduction under this sub-section shall be equal to the sum so paid.\";
(iii)in sub-section (2AB),—
(a)in clause (1), for the words \"two times\", the words \"one and one-half times\" shall be substituted;
(b)after clause (1) and before the Explanation, the following proviso shall be inserted, namely:—
\"Provided that where such expenditure on scientific research (not being expenditure in the nature of cost of any land or building) on in-house research and development facility is incurred in a previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, the deduction under this clause shall be equal to the expenditure so incurred.\";
(c)clause (5) shall be omitted.
","words":347,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/15/","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."}