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of <h1>Section 35CC: Tax Deductions for Rural Development Expenditure with Approval and Verified Accountant Statement</h1> Section 35CC of the Income-tax Act, introduced by the Finance (No. 2) Act, 1977, allows companies and co-operative societies to claim deductions for expenditures on rural development programs, provided they have prior approval from the prescribed authority. Rural areas are defined as those outside specified municipal and cantonment board jurisdictions. If the expenditure results in acquiring assets like buildings or machinery, no deduction is allowed unless ownership is divested by year-end, though depreciation can be claimed. Deductions require a verified statement from an accountant, and cannot be claimed under other provisions for the same expenditure.
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