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of <h1>Finance Bill Amendment Boosts Deduction for Scientific Research from 1.75x to 2x Under Section 35(2AA) of Income-tax Act</h1> Clause 5 of the Finance Bill, 2011 proposes an amendment to section 35 of the Income-tax Act concerning deductions for scientific research expenditures. Specifically, it seeks to modify sub-section (2AA), clause (a), by increasing the weighted deduction from one and three-fourth times to two times the amount paid to a National Laboratory, University, Indian Institute of Technology, or a specified person for approved scientific research programs. This change will be effective from April 1, 2012, applicable to the assessment year 2012-2013 and subsequent years.
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