Clause 47 - Expenditure on agricultural extension project and skill development project.

Deduction for project expenditure: notified agricultural extension and company skill development costs deductible in year incurred.

Expenditures (excluding cost of land or building) on an agricultural extension project by any assessee or on a skill development project by a company are deductible in the tax year incurred, provided the project is notified under Board guidelines; the same expenditure cannot be deducted under any other provision of the Act for the same or any other tax year.