Rural Development Allowance permits tax deduction for approved rural development expenditure by companies and co-ops, subject to conditions.

Creates a Rural Development Allowance allowing companies and co-operative societies a deduction for expenditure on approved rural development programmes provided prior approval is obtained. Expenditure that creates specified assets is not deductible but qualifies for depreciation as if used in business, with relevant depreciation provisions applying. Claimants must file a prescribed, accountant-verified statement with the return of income, and the same expenditure cannot be deducted under any other provision for the same or any other assessment year.

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