https://www.taxtmi.com/acts?id=53346 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. en-us Fri, 20 Mar 2026 17:46:13 +0530 Fri, 10 Apr 2026 13:19:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=53346 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. Act-Rules Income Tax Fri, 20 Mar 2026 17:46:13 +0530 https://www.taxtmi.com/acts?id=53346