Weighted deduction for skill development enables eligible manufacturers to claim enhanced tax deduction for notified projects under Section 35CCD. A statutory incentive permits a weighted deduction of 150% of qualifying expenditure on notified skill development projects for computation of business income. Eligibility is confined to manufacturers (excluding alcoholic spirits and tobacco) and specified service providers; projects must be in separate training facilities affiliated to recognised vocational training authorities. A nodal agency will scrutinize applications and recommend projects for notification. Only expenses wholly and exclusively for the notified project, excluding land or building costs and reimbursable amounts, qualify; separate audited books for the project are required.
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.
Weighted deduction for skill development enables eligible manufacturers to claim enhanced tax deduction for notified projects under Section 35CCD.
A statutory incentive permits a weighted deduction of 150% of qualifying expenditure on notified skill development projects for computation of business income. Eligibility is confined to manufacturers (excluding alcoholic spirits and tobacco) and specified service providers; projects must be in separate training facilities affiliated to recognised vocational training authorities. A nodal agency will scrutinize applications and recommend projects for notification. Only expenses wholly and exclusively for the notified project, excluding land or building costs and reimbursable amounts, qualify; separate audited books for the project are required.
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