9911796707
TMI BlogWeighted deduction for export markets development allowance/agricultural development allowance under sections 35B and 35C, respectively - Whether circumstances in which, and the conditions subject to which, expenditure incurred indirectly will count thereforX X X X Extracts X X X X X X X X Extracts X X X X ..... ets development ALLOWANCE/AGRICULTURAL DEVELOPMENT ALLOWANCE Weighted deduction for export markets development allowance/agricultural development allowance under sections 35B and 35C, respectively - Whether circumstances in which, and the conditions subject to which, expenditure incurred indirectly will count therefor 1. The Finance Act, 1968 made provisions in sections 35B and 35C, respe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sbandry or dairy or poultry farming, is entitled to a deduction of a sum equal to one and one-half times the amount of the qualifying expenditure in the computation of its business profits. [The details of these provisions have been explained in paragraphs 42-46 and 54-59 of the Boards Circular No. 6-P of 1968, dated 6-7-1968]. The weighted deduction under both these sections is available not only ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case of expenditure incurred by export houses for development of export markets on behalf of their constituents, or by associations, such as IJMA, providing agricultural inputs and extension services to jute growers with a view to improving the productivity and quality of jute. While it is not possible to lay down any general rule in this regard which would be applicable in all situations, it m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ified heads [i.e., after excluding the expenditure referred to in (b) above, and after taking credit for any grant or subsidy received by it from the Government or any other source for carrying on the said activities] is apportioned among the members of the association or body on a rational basis and recovered from them. To facilitate verification, it is necessary that proper accounts are mainta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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