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of <h1>New Income-tax Act Amendments: Sections 35D & 35E Allow Deductions for Business Expenses Over Ten Years</h1> The amendments to the Income-tax Act, 1961, introduce sections 35D and 35E, providing deductions for specific expenditures. Section 35D allows Indian companies or residents to amortize preliminary expenses over ten years, related to business commencement or industrial expansion, covering costs like feasibility reports, legal charges, and company registration. Section 35E offers deductions for expenditures on mineral prospecting or extraction, spread over ten years, excluding capital expenditures and acquisitions. Both sections require audited accounts for non-company entities and specify conditions for deductions in cases of company amalgamation, ensuring no double deductions under other provisions.
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