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of <h1>Companies Can Deduct Rural Development Costs u/s 35CC With Prior Approval.</h1> Section 35CC of the Income-tax Act, 1961, introduced by the Finance (No. 2) Act, 1977, allows companies and co-operative societies to deduct expenditures on rural development programs from their taxable profits. This deduction is contingent upon obtaining prior approval from the prescribed authority before incurring such expenses. Detailed provisions of this section are outlined in paragraph 14 of Circular No. 229, issued by the Central Board of Direct Taxes on August 9, 1977.
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