Section 15 - Amendment of section 35. - Finance Act, 2016

Amendment of section 35. 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 onehalf 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 assessment year beginning on or after the 1st day of April, 2021, the deduction under this clause shall be equal to the sum so paid; ; (b) in clause (iia), the words an amount equal to one and one-fourth times of shall be omitted; (c) in clause (iii), the words an amount equal to one and one-fourth times of shall be omitted; (ii) in sub-section (2AA),- (A) in clause (a), for the words two times , the words one and one-half times shall be substituted; (B) after the proviso and before Explanation 1, the following 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 clause (1) and before the Explanation, the following proviso shall be inserted, namely:- Provided that where such expenditure on scientific research (not being expenditure in the nature of cost of any land or building) on in-house research and development facility is incurred in a previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, the deduction under this clause shall be equal to the expenditure so incurred. ; (c) clause (5) shall be omitted.