Amendment of section 35
Section 5 of the Finance Act, 1997 deals with amendment of section 35. Amendment of section 35. 5. In section 35 of the Income-tax Act, after sub-section (2AA), the following sub-section shall be inserted with effect from the 1st day of April, 1998, namely :— "(2AB) (1) Where a company engaged in the business of manufacture or production of any drugs, pharmaceuticals,
Amendment of section 35.
5. In section 35 of the Income-tax Act, after sub-section (2AA), the following sub-section shall be inserted with effect from the 1st day of April, 1998, namely :—
"(2AB) (1) Where a company engaged in the business of manufacture or production of any drugs, pharmaceuticals, electronic equipments, computers, telecommunication equipments, chemicals or any other article or thing notified by the Board incurs any expenditure on scientific research (not being expenditure in the nature of cost of any land or building) on in-house research and development facility as approved by the prescribed authority, then, there shall be allowed a deduction of a sum equal to one and one-fourth times of the expenditure so incurred.
(2) No deduction shall be allowed in respect of the expenditure mentioned in clause (1) under any other provision of this Act.
(3) No company shall be entitled for deduction under clause (1) unless it enters into an agreement with the prescribed authority for cooperation in such research and development facility and for audit of the accounts maintained for that facility.
(4) The prescribed authority shall submit its report in relation to the approval of the said facility to the Director General in such form and within such time as may be prescribed.".
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Section 5, The Finance Act, 1997.
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Questions about Section 5
What does Section 5 of the Finance Act deal with?
Section 5 of the Finance Act is headed "Amendment of section 35". Amendment of section 35. 5. In section 35 of the Income-tax Act, after sub-section (2AA), the following sub-section shall be inserted with effect from the 1st day of April, 1998, namely :— "(2AB) (1) Where a company engaged in the business of manufacture or production of any drugs, pharmaceuticals,
How do I find court cases under Section 5 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1997 5, section 5 Finance Act 1997, section 5 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 5 of the Finance Act, and has it changed?
Its own text turns on section 35 (Amendment of section 115C), Income-tax Act 35 (Expenditure on scientific research), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 1997. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule4803 words
- 2. Income-tax1461 words
- 25. Amendment of section 80-IA1316 words
- 6. Insertion of new section 35ABB644 words
- 40. Insertion of new Chapter XII-D552 words
- 3. Amendment of section 10486 words
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