CBDT Notification under section 35CCC of Income Tax Act
CBDT Notification under section 35CCC of Income Tax Act regarding Expenditure on agricultural extension project
RELEVANT PROVISIONS
Section 35CCC: Expenditure on agricultural extension project:
(1) Where an assessee incurs any expenditure on agricultural extension project notified by the Board in this behalf in accordance with the guidelines as may be prescribed, then, there shall be allowed a deduction of a sum equal to one and one-half times of such expenditure :
Provided that for the assessment year beginning on or after the 1st day of April, 2021, the provisions of this sub-section shall have effect as if for the words “a sum equal to one and one-half times of”, the words “a sum equal to” had been substituted.
(2) Where a deduction under this section is claimed and allowed for any assessment year in respect of any expenditure referred to in sub-section (1), deduction shall not be allowed in respect of such expenditure under any other provisions of this Act for the same or any other assessment year.
Rule 6AAD: Guidelines for approval of agricultural extension project under section 35CCC.
Rule 6AAE: Conditions subject to which an agricultural extension project is to be notified under section 35CCC.
NOTIFICATION
FORM NO. 3CP
S.O. 1767(E).— The Central Board of Direct Taxes, in exercise of its powers under section 35CCC of the Income-tax Act,1961 (43 of 1961) read with Rules 6AAD and 6AAE of the Income-tax Rules,1962 and in partial modification of the Notification No. 16/2015 dated 16.02.2015, issued vide F.No. 203/29/2014-ITA.II, hereby specifies that Sl.No.7 and Sl.No.8 of said Notification shall be read as below:
| 7. | Assessment Year(s) for which the agricultural extension project is being notified (not exceeding three years) | From date of formal issue of Notification No.16/2015 (i.e.) 16.02.2015 till A.Y. 2017-18. |
| 8. | Total expenses likely to be incurred for the agricultural extension project (other than cost of land or building) |  *However, as project has been accorded approval from subsequent date in the F.Y. 2014-15, i.e., A.Y. 2015-16, the sanctioned expenditure for the relevant period is to be allowed w.e.f. 16.02.2015. |
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