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of <h1>Companies Must Keep Separate Audited Accounts for Skill Projects Under Section 35CCD; Non-Compliance May Trigger Tax Actions.</h1> A company undertaking a skill development project under section 35CCD must maintain separate audited books of account for the project. The auditor's report should confirm the accuracy and authenticity of these records and compliance with relevant laws. Projects for existing employees are ineligible if training starts more than six months post-recruitment. Expenses, excluding land or building costs, are deductible unless reimbursed. Companies must submit audited accounts and deduction claims to tax authorities by the income return due date. Non-compliance may lead to reports and actions by tax authorities or the NSDA for non-genuine activities.
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