Deduction in computation of taxable profits u/s 35CC of I.T.Act 1961. - Income Tax - 222/1996

INSTRUCTION NO. 222/1996 Dated: May 10, 1996 Section(s) Referred: 35CCA Statute: Income - Tax Act, 1961 With a view to encouraging companies and co-operative societies to involve themselves in the work of rural development, the Finance Act has introduced a new section 35CC in the Income-tax Act, under which companies and co-operative societies are entitled to a deduction in the computation of the taxable profits of the expenditure incurred by them on any approved programme of rural development. With a view to giving a further impetus to the programme of rural development, section 35CCA has been inserted in the Income-tax Act, 1961 With a view to encouraging companies and co-operative societies to involve themselves in the work of rural With a view to encouraging companies and co-operative societies to involve themselves in the work of rural development, the Finance act, 1977 had introduced a new section 35CCA in the Income-tax Act under which companies and co-operative societies.