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Amendment of section 35.

Clause 15 - Bills - DIRECT TAXES - Bill - Clause 15 - 15. In section 35 of the Income-tax Act, with effect from the 1st day of April, 2018,- (i) in sub-section (1),- (a) in clause (ii),- (I) for the words one and three-fourth , the words one and one-half shall be substituted; (II) after the proviso, the following proviso shall be inserted, namely:- Provided further that where any sum is paid to such association, university, college or other institution in a previous year relevant to the assessme .....

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ollowing proviso shall be inserted, namely:- Provided further that where any sum is paid to such National Laboratory or university or Indian Institute of Technology or specified person in a previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, the deduction under this sub-section shall be equal to the sum so paid. ; (iii) in sub-section (2AB),- (a) in clause (1), for the words two times , the words one and one-half times shall be substituted; (b) after c .....

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of the Bill seeks to amend section 35 of the Incometax Act relating to expenditure on scientific research. Sub-clause (i) of the said clause seeks to amend sub-section (1) of the aforesaid section 35. Clause (ii) of sub-section (1) of the said section provides for weighted deduction to the extent of one hundred seventy-five per cent. of any sum paid to a scientific research association which has the object of undertaking scientific research or to a university, college or other institution to be .....

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gaged in scientific research. It is proposed to amend the said clause (iia) so as to reduce the said weighted deduction from one hundred twenty-five per cent. to one hundred per cent. from financial year 2017-2018 and subsequent years. Clause (iii) of sub-section (1) of the aforesaid section provides that weighted deduction shall be allowed in respect of contributions made to an approved university, college or institution to be used for research in social science or statistical research. It is p .....

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