Insertion of new sections 35CCC and 35CCD
Section 10 of the Finance Act, 2012 deals with insertion of new sections 35CCC and 35CCD. Insertion of new sections 35CCC and 35CCD.
Insertion of new sections 35CCC and 35CCD.
10. After section 35CCB of the Income-tax Act, the following sections shall be inserted with effect from the 1st day of April, 2013, namely:—
"35CCC. Expenditure on agricultural extension project.—(1) Where an assessee incurs any expenditure on agricultural extension project notified by the Board in this behalf in accordance with the guidelines as may be prescribed, then, there shall be allowed a deduction of a sum equal to one and one-half times of such expenditure.
(2) Where a deduction under this section is claimed and allowed for any assessment year in respect of any expenditure referred to in sub-section (1), deduction shall not be allowed in respect of such expenditure under any other provisions of this Act for the same or any other assessment year.
35CCD. Expenditure on skill development project.—(1) Where a company incurs any expenditure (not being expenditure in the nature of cost of any land or building) on any skill development project notified by the Board in this behalf in accordance with the guidelines as may be prescribed, then, there shall be allowed a deduction of a sum equal to one and one-half times of such expenditure.
(2) Where a deduction under this section is claimed and allowed for any assessment year in respect of any expenditure referred to in sub-section (1), deduction shall not be allowed in respect of such expenditure under any other provisions of this Act for the same or any other assessment year.".
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Section 10, The Finance Act, 2012.
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Questions about Section 10
What does Section 10 of the Finance Act deal with?
Section 10 of the Finance Act is headed "Insertion of new sections 35CCC and 35CCD". Insertion of new sections 35CCC and 35CCD.
How do I find court cases under Section 10 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 2012 10, section 10 Finance Act 2012, section 10 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 10 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 35CCB (Expenditure by way of payment to associations and institutions for carrying out programmes of conservation of natural resources), so none of them can safely be read on its own. 5 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2012. 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 Schedule7049 words
- 2. Income-tax2690 words
- 41. Insertion of new Chapter X-A1832 words
- 19. Insertion of new section 54GB1044 words
- 40. Insertion of new sections 92CC and 92CD951 words
- 62. Insertion of new section 144BA869 words
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