Skill development project deduction requires approval, separate books, audit, and strict compliance with filing and notification conditions.

Deduction is available for expenditure incurred on an eligible skill development project, subject to notification, approval, and compliance with prescribed conditions. Cost of land or building is excluded, the same expenditure cannot be claimed again under any other provision, and eligible expenditure must be wholly and exclusively incurred for the project. The company must maintain separate books of account, obtain audit, furnish audited statements and the deduction claim within the prescribed return-filing timeline, and comply with approval, renewal, and revocation procedures.

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