Insertion of new section 35DDA
Section 24 of the Finance Act, 2001 deals with insertion of new section 35DDA. Insertion of new section 35DDA. 24. After section 35DD of the Income-tax Act, the following section shall be inserted, namely:— "35DDA.
Insertion of new section 35DDA.
24. After section 35DD of the Income-tax Act, the following section shall be inserted, namely:—
"35DDA. Amortisation of expenditure incurred under voluntary retirement scheme.—(1) Where an assessee incurs any expenditure in any previous year by way of payment of any sum to an employee at the time of his voluntary retirement, in accordance with any scheme or schemes of voluntary retirement, one-fifth of the amount so paid shall be deducted in computing the profits and gains of the business for that previous year, and the balance shall be deducted in equal instalments for each of the four immediately succeeding previous years.
(2) No deduction shall be allowed in respect of the expenditure mentioned in sub-section (1) under any other provision of this Act.".
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Section 24, The Finance Act, 2001.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 24
What does Section 24 of the Finance Act deal with?
Section 24 of the Finance Act is headed "Insertion of new section 35DDA". Insertion of new section 35DDA. 24. After section 35DD of the Income-tax Act, the following section shall be inserted, namely:— "35DDA.
How do I find court cases under Section 24 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 2001 24, section 24 Finance Act 2001, section 24 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 24 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 35DD (Amortisation of expenditure in case of amalgamation or demerger), so none of them can safely be read on its own. 3 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2001. 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 Schedule5812 words
- 49. Substitution of new sections for section 922093 words
- 2. Income-tax1972 words
- 5. Amendment of section 101262 words
- 44. Amendment of section 80-IA857 words
- 52. Substitution of new section for section 115AC851 words
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