Skill development project compliance requires separate books, audit reporting, and restricted deduction conditions for eligible projects. A skill development project notified under section 47(1)(b) must maintain separate books of account and obtain an audit report covering the true and fair view of the accounts, genuineness of activities, and compliance with the Act, rules, and notification conditions. Existing employees are ineligible where training starts after six months of recruitment, and deductible expenditure is limited to amounts incurred wholly and exclusively for the project, after excluding land, building, and reimbursed costs. The company must furnish audited accounts, the audit report, and the deduction claimed to the jurisdictional Commissioner by the return due date.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Skill development project compliance requires separate books, audit reporting, and restricted deduction conditions for eligible projects.
A skill development project notified under section 47(1)(b) must maintain separate books of account and obtain an audit report covering the true and fair view of the accounts, genuineness of activities, and compliance with the Act, rules, and notification conditions. Existing employees are ineligible where training starts after six months of recruitment, and deductible expenditure is limited to amounts incurred wholly and exclusively for the project, after excluding land, building, and reimbursed costs. The company must furnish audited accounts, the audit report, and the deduction claimed to the jurisdictional Commissioner by the return due date.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
