What is the Provision of Section 35AD of the Income Tax Act?
Ishita Ramani
Answered on May 12,2022
Answered on May 12,2022
The deduction is granted under section 35AD for any capital expenditure incurred solely and exclusively for carrying out a specified business. Notably, the section 35AD deduction does not apply to expenses incurred for the acquisition of land, financial instruments, or goodwill. Furthermore, the deduction is not possible when a single payment/aggregate of payments to a single person exceeds INR 10,000 and is made in cash, bearer cheque, or crossed cheque.
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