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5. Amendment of section 35. |
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—In section 35 of the Income-tax Act, in sub-section (2AA), in clause (a), for the words "one and three-fourth", the word "two" shall be substituted with effect from the 1st day of April, 2012.
Clause 5 of the Bill seeks to amend section 35 of the Income-tax Act relating to expenditure on scientific research.
The existing provisions contained in clause (a) of sub-section (2AA) of the aforesaid section provide for a weighted deduction to the extent of one and three-fourth times the sum paid to a National Laboratory or a University or an Indian Institute of Technology or a specified person for the purpose of an approved scientific research programme.
It is proposed to amend the said clause (a) so as to enhance the weighted deduction to two times the sum paid.
This amendment will take effect from 1st April, 2012 and will, accordingly, apply in relation to assessment year 2012-2013 and subsequent years.
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