Section 35CCD
Expenditure on skill development project. Repealed
About this Act
An Act to consolidate and amend the law relating to income-tax and super-tax
1(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 Provided that for the assessment year beginning on or after the 1st day of April, 2021, the provisions of this sub-section shall have effect, as if for the words “an amount equal to one and one-half times of”, the words “a sum equal to” had been substituted.
(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.
2 Provided that for the assessment year beginning on or after the 1st day of April, 2021, the provisions of this sub-section shall have effect, as if for the words “an amount equal to one and one-half times of”, the words “a sum equal to” had been substituted.
(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.
Notes
1. Ins. by Act 23 of 2012, s. 10 (w.e.f. 1-4-2013).
2. Ins. by Act 28 of 2016, s. 20 (w.e.f. 1-4-2017)
2. Ins. by Act 28 of 2016, s. 20 (w.e.f. 1-4-2017)