05/02/2019
Expenditure incurred by entities established under statutory Act [Sec. 36( 1)(xii)] :-
Any expenditure not being in the nature of capital expenditure incurred by a corporation or a body corporate by whatever name called constituted estabhshed by a Central, State or Provincial Act for the objects and Purposes authorised by the Act under which such corporation or body corporate was constituted or established shall be allowed as a deduction from the assessment year 2002-03 in computing the income under “Profits and gains of business or profession". From the assessment year 2008-09, the above deduction shall be allowed only if such corporation or body corporate is notified by the Central Government, having regard to the objects and purposes of the corresponding Central State or Provincial Act.
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