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Section 35AD - Deduction in respect of expenditure on Specified Business

Income Tax - Profit and Gains of Business or Profession - 21 - 150% WEIGHTED DEDUCTION AVAILABLE TO ASSESSEES CARRYING ON SPECIFIED BUSINESS ESSENTIAL FOR INDIAN ECONOMY No. Date of commencement of business Specified business Who should own the business Approval (if any) 1. On or after April 1, 2012 Setting up and operating a cold chain facility [see Note 1] Any Person Not required 2. On or after April 1, 2012 Setting up and operating a ware-housing facility for storage of agricultural produce A .....

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d notified by the board 6. On or after April 1, 2012 Production of fertilizer in India ( applicable from the assessment year 2012-2013) Any Person Not required Important Note:- The above deduction of 150% shall be restricted to 100% of Capital expenditure w.e.f 1-4-2018. Any expenditure of capital nature shall not include expenditure for acquisition of land or goodwill or financial instruments. Note 1. cold chain facility. Cold chain facility means a chain of facilities for storage or transporta .....

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April 1, 2007 in the case of laying and operating a cross-country natural gas pipeline network for distribution or storage. In other cases on or after April 1, 2009 Laying and operating a cross-country natural gas or crude or petroleum oil pipeline network for distribution, including storage facilities being an integral part of such network An Indian Company or a consortium of Indian companies or an authority/Board / Corporation established under any Central or State Act Should be approved by P .....

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ping and building the housing projects should be under a scheme for slum re-development or rehabilitation framed by the Central Government/State Government and notified by the Board in accordance with prescribed guidelines 4. On or after April 1, 2012 Setting up and operating an inland container depot or a container freight station Any Person As notified or approved under the Customs Act 5. On or after April 1, 2012 Bee-keeping and production of honey and beeswax Any Person No approval 6. On or .....

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4-2018) Developing or operating and maintaining or developing operating and maintaining any infrastructure facility Any Person No approval Note: 1. infrastructure facility means- (i) a road including toll road, a bridge or a rail system; (ii) a highway project including housing or other activities being an integral part of the highway project; (iii) a water supply project, water treatment system, irrigation project, sanitation and sewerage system or solid waste management system; (iv) a port, ai .....

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SSENTIAL FOR INDIAN ECONOMY 150% Deduction shall be allowed in respect of any expenditure of capital nature incurred after the commencement of business wholly and exclusively for the purposes of any specified business carried on by him during the previous year in which such expenditure is incurred by him. Therefore, capital expenditure incurred after the commencement of specified business is allowed as deduction to the extent of 150% of such expenditure, in the year in which such expenditure is .....

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ss if: The expenditure is incurred prior to the commencement of its operations and The amount is capitalized in the books of account of the assessee on the date of commencement of its operations. FOR SPECIFIED BUSINESS ESSENTIAL FOR INDIAN ECONOMY Expenditure incurred before the commencement of business wholly and exclusively, for the purposes of any specified business essential for Indian Economy, shall be allowed as deduction to the extent of 150% of such expenditure, during the previous year .....

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be carrying on the specified business. Conditions for claiming deductions: New Plant & Machinery. Exceptions: i. Imported old Plant & Machinery ii. 20% of total Plant & Machinery can be old. Not formed by splitting or reconstruction of business already in existence. Assessee in business of laying cross country pipelines should make available for use on common carrier basis: i. 1/3rd of total pipeline capacity for a natural gas pipeline network ii. 1/4th of total pipeline capacity fo .....

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