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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Act Amended: Section 35(2AB) Allows 1.5x Deduction for R&D Expenses, Effective April 1, 2001.</h1> In the Finance Act, 2000, an amendment to section 35 of the Income-tax Act is made. Specifically, in sub-section (2AB), clause (1), the calculation of allowable expenditure for tax purposes is changed. The previous provision allowing 'a sum equal to one and one-fourth times of the expenditure' is replaced with 'a sum equal to one and one-half times of the expenditure.' This amendment takes effect from April 1, 2001, impacting the deduction calculations for eligible research and development expenses.
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