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of <h1>Income-tax Act Section 35AB: Deduct Expenses for Know-How Acquisition, One-Sixth Initially, Rest Over Five Years.</h1> Section 35AB of the Income-tax Act, introduced by the Finance Act of 1985, allows for the deduction of expenses related to acquiring know-how for business purposes. If an assessee pays a lump sum for know-how, one-sixth of the amount is deductible in the year of payment, with the remainder spread over the next five years. If the know-how is developed in specific institutions, one-third is deductible in the year of payment, with the remainder spread over two years. 'Know-how' refers to industrial information or techniques aiding manufacturing, processing, or resource extraction activities.
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