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Amendment of section 35AD.

Clause 13 - Bills - DIRECT TAXES - Income-tax - Bill - Clause 13 - 13. In section 35AD of the Income-tax Act, in sub-section (8), in clause (f), after the words shall not include , the words any expenditure in respect of which the payment or aggregat .....

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t from the 1st day of April, 2018. Clause 13 of the Bill seeks to amend section 35AD of the Income-tax Act relating to deduction in respect of expenditure on specified business. The existing provisions of the said section provides that deduction in r .....

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sub-section (8) of the said section provides for exclusion of any expenditure incurred on the acquisition of any land or goodwill or financial instrument from the purview of expenditure of capital nature accordingly, not be allowed as deduction. It i .....

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