TaxTMI Login
🎉 Festive Offer: Flat 15% off on all plans! →⚡ Don’t Miss Out: Limited-Time Offer →
TaxTMI 
Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Amendment to Section 35AD: Changes in Deductions for Specified Businesses, New Eligibility Rules, and Asset Usage Conditions.</h1> The amendment to section 35AD of the Income-tax Act, effective from April 1, 2015, introduces several changes. It prohibits deductions under section 10AA if a specified business claims deductions under section 35AD. New clauses specify that businesses commencing operations on or after April 1, 2014, such as slurry pipelines for iron ore and semiconductor wafer fabrication units, are eligible for deductions. Assets claimed for deductions must be used exclusively for specified businesses for eight years. If used otherwise, deductions will be deemed income. Exceptions apply to sick industrial companies. These changes apply from the assessment year 2015-16 onwards.
TaxTMI 
