Amendment of section 35

Section 15 of the Finance Act, 2016 deals with amendment of section 35. 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; The Act was enacted on 27 Jun 2016.

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.

Section 15, The Finance Act, 2016.