Deduction for skill development expenditure revised from enhanced weighted deduction to standard deduction for future assessment years. Clause 20 amends section 35CCD(1) to replace the phrase 'an amount equal to one and one-half times of' with 'a sum equal to', thereby converting the current enhanced weighted deduction for qualifying expenditure on Board notified skill development projects into a straight deduction; subsection (2)'s bar on claiming the same expenditure under other provisions is preserved. The amendment is to take effect from the stated operative date and apply to the specified assessment year and subsequent years.
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Deduction for skill development expenditure revised from enhanced weighted deduction to standard deduction for future assessment years.
Clause 20 amends section 35CCD(1) to replace the phrase "an amount equal to one and one-half times of" with "a sum equal to", thereby converting the current enhanced weighted deduction for qualifying expenditure on Board notified skill development projects into a straight deduction; subsection (2)'s bar on claiming the same expenditure under other provisions is preserved. The amendment is to take effect from the stated operative date and apply to the specified assessment year and subsequent years.
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