Enhanced tax deductions for research and institutional contributions reduced, with transitional provisos limiting enhanced treatment for later payments. Amendments to section 35 reduce enhanced deduction multipliers for payments to associations, universities, colleges, specified institutions and for qualifying research expenditure, and insert provisos that, for sums paid or in-house R&D incurred in previous years relevant to later assessment years, the deduction shall be equal to the sum paid or the expenditure incurred; certain clauses providing larger multipliers are omitted.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Enhanced tax deductions for research and institutional contributions reduced, with transitional provisos limiting enhanced treatment for later payments.
Amendments to section 35 reduce enhanced deduction multipliers for payments to associations, universities, colleges, specified institutions and for qualifying research expenditure, and insert provisos that, for sums paid or in-house R&D incurred in previous years relevant to later assessment years, the deduction shall be equal to the sum paid or the expenditure incurred; certain clauses providing larger multipliers are omitted.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
