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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Clarification on Section 35B: Deduction for Export Market Development Expenses Only if Incurred Outside India or Incidental.</h1> The circular addresses the scope of Section 35B of the Income-tax Act, 1961, which pertains to the weighted deduction for expenditures incurred in developing export markets for Indian goods. It clarifies that only expenditures incurred outside India or those incidental to such activities qualify for this deduction. The circular emphasizes that the deduction is not contingent on actual exports or profits but on whether the expenses fall under specific sub-clauses of the section. It advises careful scrutiny of claims, particularly for commissions, to ensure they are not disguised remissions or trade discounts, and modifies previous circulars accordingly.
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